Conflux (CFX) Price Analysis: Will it Break $0.23 Resistance?

Key Points

Conflux (CFX) experienced increased volatility recently, following a false breakout from a symmetrical triangle pattern. As the price consolidates near the triangle's apex, the likelihood of a significant breakout is increasing.

Conflux [CFX] saw substantial gains in July, with a 297% increase from a low of $0.07 to a high of $0.28. This peak was followed by a retracement towards $0.18 on July 29th.

Recent price action indicates consolidation, despite a market structure that favors buyers. Traders should remain cautious due to potential volatility.

CFX and the Symmetrical Triangle Pattern

The symmetrical triangle pattern highlights a reduction in volatility, often preceding significant price breakouts accompanied by increased trading volume.

Given July's strong performance, a bullish breakout appears probable. However, a temporary dip below the lower trendline before an upward move remains a possibility.

The $0.18 level, aligning with the lower trendline, may act as a support zone. Key overhead resistance levels to watch are $0.218 and $0.23. A breakthrough and flip of these levels to support could signal an opportunity for long positions.

Liquidation Levels and Potential Price Targets

Liquidation heatmap data indicates significant magnetic zones around $0.18 and $0.236, corresponding with the symmetrical triangle pattern. A move towards $0.24 and higher is plausible in the near term, given the proximity of these zones to the current price.