As Cryptokoin.com has previously reported, the price of the popular altcoin project Conflux (CFX) has seen a great increase since the beginning of the year. Leading cryptocurrency analysts shared predictions that the bull rally may end soon! Here are the details…
Analysts warned: “A bearish move may come for Conflux!”
As you know, the CFX price has been increasing since the beginning of the year. While the rally stopped in February, the price regained its fundamental level on March 11 and hit year-high $0.49 on March 19. However, the level on the daily RSI (green line) was coupled with the bearish bias. Such divergences often precede bearish moves, experts say. However, the price appears to be in the fifth and final wave of the increase since the beginning of the year. The move so far has led to a massive increase in price and as a result, a bearish move seems likely to follow.
If this happens, Conflux price could decline to the 0.618 Fib retracement level from the $0.20 low. This is also in the fourth wave region, which makes it a likely level for bottoming. On the other hand, if the uptrend continues, the next resistance will be at $0.80.
Analysts have announced the peaks for the popular altcoin CFX!
On the other hand, analysts examined the six-hour time frame, pointing to technical analysis. Technical analysis on the six-hour time frame shows that the CFX coin price may be trading within a rising wedge. A rising wedge is considered a downtrend, which means it often leads to disruptions. In the context of the previous wave count, this would fit as part of the ending diagonal. If true, Conflux price will continue to rise today and it could start a rally towards $0.51.
Similar to the daily time frame, the six-hour RSI (green line) is bearish, supporting the possibility of the price peaking soon. The most likely area for a top would be $0.51, found by the 1.61 external Fib retracement of the latest drop. This completes the entire wave count and can then lead to a sharp drop. However, if CFX price decisively breaks out of the ascending wedge, it will invalidate the bearish prediction and could lead to a rally towards the $0.80 levels.
As a result, the most likely CFX price prediction is a rise towards $0.51 followed by a sharp decline. This will confirm that the upward movement that started at the beginning of the year is over. However, a close above $0.51 invalidates this bearish view and could lead to an increase towards $0.80. Experts advise investors to be careful and follow the market closely.
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