The Conflux price plummeted more than 10% over the past 24 hours to trade at $0.1471 as of 9:00 am EST as multiple investors dumped their conflux holdings.
This latest drop in the conflux price was enough to drag the cryptocurrency’s weekly performance into the red zone at about minus 6%.
Daily chart for the conflux price (Source: TradingView)
A rising wedge pattern was present on the daily chart for the conflux price, which suggests that the cryptocurrency’s value may drop in the next couple of days. The conflux price had already broken bearishly below this significant chart pattern, which has put it at risk of retesting the immediate support level at $0.140 in the next 24-48 hours.
Should sellers continue to exert pressure on the cryptocurrency, the conflux price may fall below $0.140 and drop to the subsequent mark at $0.1090. In an extreme bearish scenario, the altcoin could fall to as low as $0.0870 within the following fortnight.
A Chance at Recovery
This bearish thesis may be invalidated if the Conflux price is able to close a daily candle back within the rising wedge. Reclaiming a position within the chart pattern in the next 48 hours could then lead to the altcoin attempting a challenge at the $0.1715 barrier. A daily close above this threshold may be seen as a bullish development by traders, which could then result in the conflux price rising to the $0.2110 resistance level in the following few days.
Technical indicators on the cryptocurrency’s daily chart suggested that the bearish rising wedge pattern may be validated in the short term. Traders and investors will want to pay attention to the daily Moving Average Convergence Divergence (MACD) line, since it was closing in on the MACD Signal line. This may be an indication that Conflux’s negative trend could continue in the next few days. A confirmation of this bearish thesis may be when the MACD line crosses below the MACD Signal line.
Supporting the bearishness displayed by the MACD indicator on conflux’s chart is the noteworthy technical flag triggered by the daily Relative Strength Index (RSI) indicator. Over the past 48 hours, the RSI line broke below the RSI Simple Moving Average (SMA) line, signaling that sellers have gained the upper hand against bulls on conflux’s chart.
Given the bearish technical flags present on the altcoin’s daily chart, coupled with the rising wedge chart pattern, there is a high probability that the conflux price may pull back in the next few days.
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