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Conflux price plunged more than 10% in the last 24 hours to trade at $0.1471 at 9:00 am EST, as several investors dumped their conflux holdings.
This latest fall in conflux The price was enough to drag the cryptocurrency’s weekly performance into the red zone by around -6%.
Confluence price
Conflux price daily chart (Source: TradingView)
A rising wedge pattern was present on the daily chart for the confluence price, suggesting that the crypto-today”>cryptocurrencies The value may fall in the coming days. Conflux price had already broken bearishly below this important chart pattern, which has put it at risk of retesting the immediate support level at $0.140 in the next 24 to 48 hours.
If the sellers continue to put pressure on the cryptocurrency, the confluence price may fall below $0.140 and drop to the next mark of $0.1090. In an extreme bearish scenario, the altcoin could fall to $0.0870 in the following fortnights.
A chance for recovery
This bearish thesis may be invalidated if the Conflux the price can close a daily candle within the ascending wedge. Regaining a position within the chart pattern in the next 48 hours could lead to the altcoin attempting a challenge at the $0.1715 barrier. Traders can consider a daily close above this threshold as a bullish development, which could result in the confluence price rising to the $0.2110 resistance level in the coming days.
Technical indicators on the cryptocurrency’s daily chart suggested that the bearish rising wedge pattern could be validated in the near term. Traders and investors will want to pay attention to the daily Moving Average Convergence Divergence (MACD) line as it was approaching the MACD signal line. This may be an indication that Conflux The negative trend could continue in the coming days. A confirmation of this bearish thesis may be when the MACD line crosses below the MACD signal line.
Supporting the bearish trend shown by the MACD indicator on the conflux chart is the notable technical flag triggered by the Relative Strength Index (RSI) daily indicator. Over the past 48 hours, the RSI line broke below the RSI simple moving average (SMA) line, indicating that the sellers have gained the upper hand against the bulls on the conflux chart.
Given the bearish technical flags present on the altcoin’s daily chart, along with the rising wedge chart pattern, there is a high probability that the confluence price will pull back in the coming days.
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