Conflux Altcoin CFXUSDT Daily Chart Analysis April 9, 2023

CFXUSDT

Conflux (CFX) has been experiencing a corrective phase lately, but the bulls are currently defending the 20-day EMA ($0.36), which is a minor positive.

If the price rebounds from the current level, the CFX/USDT pair could aim to reach the downtrend line, which is a crucial level for the bears to protect. A break above this level could lead to a potential rally to $0.44 and $0.49.

However, if the price drops and remains below the 20-day EMA, it could indicate that the bulls are abandoning their positions, leading to more selling. This could push the price towards the next support at $0.30, which the bulls are likely to view as a buying opportunity.


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