Key takeout
CFX has dropped by 2% over the last 24 hours, with risk quickly falling below $0.20.
Coin was promoted to a high of $0.27 last week amid growing talk of adoption in China.
CFX falls 2% after surpassing the market
CFX, the native coin of the Coinflux blockchain, has suffered poor performance despite the broader crypto market recovering over the past few hours. The coin lost almost 2% of its value in the last 24 hours, and the risk quickly fell below $0.20.
This performance drop comes after the coin hit a high of $0.27 after it rose 14% last week. The rally warms the country to a stable state as analysts anticipate adoption of coins in China.
Reports suggest that Conflux is preparing offshore Yuan Stablecoin, which could become one of China’s first Stablecoin projects. Buzz has helped CFX add more than 190% to its value over the last 30 days.
CFX has performed well in the past few weeks, but the coin is down 87% from its all-time high of $1.70, achieved four years ago.
CFX could soon fall below $0.20
The CFX/USD 4-hour chart is bullish and efficient as CFX has performed well in recent weeks. However, the coin may be further modified before it rises further.
Technical indicators remain bullish, suggesting that buyers are in control. The 52 RSI shows a declining bullish momentum, but the MACD line is also approaching the neutral zone.
At the time of pressing, CFX is trading at $0.2097. If the fix continues, CFX can retest its Inductive Liquidity (ILQ) for $0.159 in the next few hours or days. Failure to follow this level can cause your CFX to drop to a major support level at $0.102.
However, the CFX/USD pair is bullish and could soon resume the rally. If bullish momentum returns, CFX could hit the $0.30 mark for the first time since April 2024, starting from last week’s high of $0.2789.
