Breaking down Conflux’s 41% rally: Can THIS lead CFX to $0.60?
Main Idea
Conflux Network (CFX) experienced a 41% price rally, with potential to reach $0.60 if it sustains momentum, driven by an upcoming upgrade and strong Asian market interest.
Key Points
1. Conflux price closed above the 200 EMA at $0.1854, with a key resistance at $0.25; breaking this could push it to $0.60.
2. Trading volume surged 325% to $628 million, fueled by an upcoming network upgrade targeting 15K TPS and support from Shanghai-backed firms.
3. Technical indicators like the Trend Strength Index (0.68) suggest bullish momentum, though failure to hold above $0.25 may limit gains.
4. Retail traders are increasing short positions, with a potential short squeeze if buying pressure outweighs shorts.
5. The Asian market's growing embrace of cryptocurrencies is contributing to Conflux's rally.
Description
Can Conflux hit $0.60 before sellers force a reversal?
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