The market is showing a classic setup for $CFX (Conflux). After a period of cooling off, technical indicators are lining up for a potential bounce-back. If you’ve been watching the hourly charts, here is the breakdown of why this "descending channel" matters right now.
🔍 Technical Analysis Breakdown
Descending Channel: The price is currently vibrating within a downward-sloping channel on the 1H timeframe. Historically, reaching the lower boundary (where we are now) often leads to a relief rally or a breakout toward the upper resistance.
RSI Momentum: The Relative Strength Index (RSI) is trending toward oversold territory. We are anticipating an upward bounce as it approaches the lower boundary.
Moving Average Support: The price is consolidating just above the 100-period Moving Average, a key level that often acts as a springboard for bullish moves.
The Green Zone: There is a rock-solid support zone at 0.0472. The price has tested and rejected this level multiple times, signaling strong buying interest here. 🛡️
🎯 The Trade Setup (Perp/Spot)
If the support holds as expected, here are the levels to watch:
Entry Price: 0.0485
Target 1: 0.0500 🟢
Target 2: 0.0520 🟡
Target 3: 0.0553 🔴
Stop Loss: Just below the 0.0472 support zone.
💡 Pro Tip: Always practice strict Money Management. Never risk more than you can afford to lose, especially in the volatile Perp market! ⚖️
What do you think? Will the green zone hold for another massive bounce, or are we heading deeper? Let’s discuss in the comments! 👇
