- Return to a bullish trend becomes more likely as Conflux (CFX) exits its long-lasting downward pattern.
- Once CFX maintains levels above $0.08324 it should open up a 100% price increase potential toward $0.1600.
- A failure to maintain support above the breakout might force CFX to reconsider its position at $0.07886.
The cryptocurrency Conflux (CFX) shows signs of establishing itself for a major momentum change following its months of price depreciation. The daily CFX/USDT price chart demonstrates a downward pattern that exists within specified declining parameters. Price action indicates an evolving situation which might transform current market behaviors during the near term.
Conflux (CFX) Breaks Channel, Targets 100% Upside
CFX has maintained its position inside an established downward channel starting in late 2024 by establishing new price lows that continue to decrease over time. Since last year the asset lost its upward momentum while its price sank from $0.20 down to its current levels.
At the time of reporting, Conflux was trading at $0.07978, marking a slight 0.7% decrease over the last 24 hours. The support level sets a clear benchmark at $0.07886 which has undergone recent testing. The resistance at $0.08324 presents itself as a strong barrier that may enable investors to pursue additional gains.
The price has surpassed the upper limit of the descending channel and this break frequently triggers a bullish trend reversal. The price chart displays a green projection box that suggests a 100.25% upside potential reaching near $0.1600 while bullish momentum remains present.
Conflux Eyes Trend Shift After Breakout Attempt
This attempted breakout demonstrates that bearish power might be losing strength which indicates a possible trend shift may be approaching. Consolidated price movement above $0.08324 resistance with substantial trading activity will authenticate the extension.
The price will potentially return to test $0.07886 if CFX does not manage to sustain movements above its breakout point. Success in breaking through resistance levels will likely trigger a price movement towards the target area in accordance with the 100%+ projection shown in the technical analysis.
The Conflux blockchain technology (CFX) faces an important deciding moment while enduring months of price slump. The current signs of upward momentum in the market require more evidence for traders to confirm that a definite market shift upward has occurred. Investors and traders will closely follow the next market periods to confirm this potential trend change.
