Conflux Network (CFX) Price Made Double Bottom: Recovery Imminent?

Conflux (CFX) network is a China-based blockchain organization. Conflux network (CFX) price has seen a notable retracement and regressed to its bottom around the $0.1200 mark.

Trading at a discount of 81% from its 52-week high, the CFX token price continued to represent the selling pressure. Amid the market bloodbath in the past, the token has undergone a significant decline.

Going forward, the token has projected a rejection from the 50-day EMA mark and has previously breached multiple supports. Amidst the bearishness across the market, CFX teased a bullish reversal at press time and eyed a pullback.

With a strong bullish marubozu candle formation yesterday, buyers began accumulating. They tried to attain follow-on gains in the intraday session.

Concluding the sideways movement followed by a pump this week, buyers anticipated a steady bounce ahead.

How is the Conflux (CFX) Token Price Doing?

When writing, the CFX token price traded at $0.1391, up over 1.20%. It signified a minor pullback. A lower investor optimism was noted, with a decline of over 24% in the intraday trading volume.

Per the CoinMarketCap data, the token ranked at 94 with a market cap of $149.73 Million and a total supply value of 1.07 Billion.

Conflux Network Price Eyeing Reversal: Can Bulls Attain Traction?

Taking a rejection from the $0.1800 resistance level, the CFX price failed to hold at any crucial levels this week. It dropped to the low of the $0.1000 mark, resulting in a double bottom formation.

Furthermore, a streak of bearish candles formed earlier, guiding the seller’s dominance. However, the token still struggled to cross the 20-day EMA mark.

If a new lower low forms below the $0.1000 mark, a next bearish leg can be seen ahead.

The daily RSI line showed a spike and reverted from the oversold region, reflecting a positive crossover. However, the MACD indicator was still directing the bearish outlook.

In his tweet, Decilizer (@decilizer) mentioned that CFX looks attractive and plotted strong support around the $0.12 mark.

$CFX is looking strong and attracting significant attention today. Having confirmed its support around $0.12, it is now all set to reach our next target of $0.31, expecting Bitcoin to maintain its upward trend.
We’ve seen 370% gains on it in the past. pic.twitter.com/yFM0zkxNQP

— Decilizer (@decilizer) August 10, 2024

As Bitcoin and other top crypto assets started to revive gains, Conflux Bulls urged to retain the bullish momentum. They tried to cross the 20-day EMA mark.

Despite the downtick, a few technicals have guided that the token price has bottomed out. It might see a recovery soon.

Total Value Locked (TVL) Noted a Downtick

Amidst the price drop, the Conflux token’s TVL saw a downward shift and dropped to $12.7 Million. That indicated a reduced amount of assets being staked and lower investor confidence in the CFX token.

TVL Data | Source: DefiLlama

Notably, the future Open Interest (OI) saw a rise of over 1.77% to $34.25 Million. It signified a slightly long additional activity in the past 24 hours.

If the CFX token successfully secures the $0.12 mark, it may exceed the recovery. Furthermore, it could retest the resistance mark of $0.16 and then the $0.18 mark in the next few sessions.

Meanwhile, if it faces rejection from the 20-day EMA mark, it may retest the demand zone of $0.12. Also, it can go to the low mark of $0.10 in the short term.

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