Breaking down Conflux’s 41% rally: Can THIS lead CFX to $0.60?

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.