TradeCityPro | CFX : Breaking Out of Consolidation

8 dic

👋 Welcome to TradeCityPro!
In this analysis, I’m going to review the CFX coin. After consolidating for a long time within a box between 0.1147 and 0.1903, the price has finally broken the upper boundary of the box and is moving upward.

📅 Daily Timeframe: Multiple Resistances Above the Price
On the daily timeframe, after breaking 0.1903, the price gained strong bullish momentum, and a significant amount of buying volume entered the market. However, upon reaching the first resistance at 0.2572, the price failed to break through and is now consolidating below this level.

✨ The RSI oscillator is exiting the Overbuy zone. If it manages to remain or re-enter the Overbuy zone, the price could continue its upward movement.

📈 In case of a breakout above 0.2572, the next resistances will be 0.3564 and 0.5125. If the price manages to stabilize above these levels, the next target will be 1.0368, which represents the ATH resistance of this coin.

🔽 Correction Scenario
The first support level is at 0.1903, and the next one is at 0.1147, which is the final stronghold for buyers to maintain the price.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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