Conflux fluctuation intensifies! Can CFX break through the key resistance of 0.23 dollars?

Since the end of July, the price of Conflux (CFX) has fluctuated sharply, and after experiencing a false breakout of the triangular pattern, the market's focus has shifted to the key resistance level of $0.23. Can CFX continue the astonishing nearly 300% surge in July and usher in a new round of breakthroughs? This article analyzes the latest market trends and future movements of CFX.

CFX strong pump in July, entering a critical moment after consolidation

As a representative of L1 public chains, Conflux soared from a low of 0.07 USD to a high of 0.28 USD in July, achieving a monthly increase of 297%. However, after July 29, the price quickly retraced to 0.18 USD, and the trend over the past ten days has mainly been consolidating, with volatility significantly converging.

The symmetrical triangle pattern suggests a breakthrough is imminent

From the 12-hour K-line chart, CFX is currently in a symmetrical triangle pattern, indicating a decrease in fluctuation. This type of pattern typically signals that the price is about to experience a significant breakout, often accompanied by an increase in trading volume. Combined with the strong upward momentum from July, the probability of a bullish breakout after consolidation is relatively high.

It is worth noting that CFX may also first test the lower trend line (around 0.18 dollars), experiencing a false breakout before rebounding upwards.

0.23 USD serves as a key resistance level, and a breakout could potentially impact 0.24 USD

Currently, the main resistance levels for CFX are at 0.218 USD and 0.23 USD. If it can successfully break through and turn these ranges into support, it will provide ideal bullish entry opportunities for swing traders. According to the CoinGlass liquidation heatmap, 0.18 USD and 0.236 USD are the next funding accumulation zones, and CFX is expected to rise to 0.24 USD or even higher in the coming days.

Trading Suggestions and Risk Warnings

Although the market structure is bullish, the fluctuations during the consolidation period have intensified, and short-term traders need to be wary of false breakouts. It is recommended to closely follow the changes in the support at 0.18 USD and the resistance level in the range of 0.23 USD, and to wait for a clear breakout signal before making any arrangements.

Conclusion

Conflux has recently experienced increased fluctuations, with $0.23 becoming a key point of contention between bulls and bears. If it can effectively break through, CFX is expected to reach new highs. Investors should closely follow the technical patterns and hot funding areas to seize potential market opportunities while strictly controlling risks.

CFX0.19%
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