🔥 $CFX Eyeing a Bullish Breakout from This Tight Consolidation
Hey folks, been keeping a close eye on Conflux (CFX) lately—it's been coiling up in this classic consolidation pattern, and now it looks like it's trying to punch through to the upside. Feels like a potential breakout play if it holds, but let's break it down quick with what I'm seeing on the charts.
*Volume's Backing the Move:
That latest candle? Volume jumped to around 509M tokens, which is double the 20-day average of ~250M. Solid spike—definitely adds some credibility to this breakout attempt. No fakeout vibes here; price and volume are syncing up nicely.
*Capital Flow Tells a Story:
On the futures side, we're seeing net inflows of 3.19M USDT over the last 6 hours and 4.19M in 24 hours. Smart money's piling in, absorbing the dips. Spot market's got some retail outflow (-591K USDT), but it seems like the big players are happy to scoop it up. Bullish signal for sure.
*My Take on Trading $CFX : I'm leaning long, but waiting for confirmation.
- Aggressive: jump in around current levels (0.0764) with a tight stop.
- Smarter play? Wait for a pullback to 0.0730-0.0740—that's sitting on the 5-period MA for support.
- Risk Management: Stop at 0.0690 (just below Support)
- Targets $CFX :
First up: 0.0825 (Resistance).
Stretch goal: 0.0872 (next resistance).
One thing to watch: That daily candle threw up a bit of a wick rejection at 0.0785, so we might see a quick breather or consolidation. If we close strong above there, I'm thinking continuation toward 0.0872 resistance. Otherwise, could test lower supports. #CFX #CFXUsdt #conflux