Conflux Network (CFX) Price Made Double Bottom: Recovery Imminent?

Conflux Network (CFX) Price Made Double Bottom: Recovery Imminent？

Conflux (CFX) network is a China-based blockchain organization. Conflux network (CFX) price has seen a notable retracement and regressed to its bottom around the $0.1200 mark.

Trading at a discount of 81% from its 52-week high, the CFX token price continued to represent the selling pressure. Amid the market bloodbath in the past, the token has undergone a significant decline.

Going forward, the token has projected a rejection from the 50-day EMA mark and has previously breached multiple supports. Amidst the bearishness across the market, CFX teased a bullish reversal at press time and eyed a pullback.

With a strong bullish marubozu candle formation yesterday, buyers began accumulating. They tried to attain follow-on gains in the intraday session.

Concluding the sideways movement followed by a pump this week, buyers anticipated a steady bounce ahead.

How is the Conflux (CFX) Token Price Doing？

When writing, the CFX token price traded at $0.1391, up over 1.20%. It signified a minor pullback. A lower investor optimism was noted, with a decline of over 24% in the intraday trading volume.

Per the CoinMarketCap data, the token ranked at 94 with a market cap of $149.73 Million and a total supply value of 1.07 Billion.

Conflux Network Price Eyeing Reversal: Can Bulls Attain Traction？

Taking a rejection from the $0.1800 resistance level, the CFX price failed to hold at any crucial levels this week. It dropped to the low of the $0.1000 mark, resulting in a double bottom formation.

Furthermore, a streak of bearish candles formed earlier, guiding the sellers dominance. However, the token still struggled to cross the 20-day EMA mark.

If a new lower low forms below the $0.1000 mark, a next bearish leg can be seen ahead.

The daily RSI line showed a spike and reverted from the oversold region, reflecting a positive crossover. However, the MACD indicator was still directing the bearish outlook.

As Bitcoin and other top crypto assets started to revive gains, Conflux Bulls urged to retain the bullish momentum. They tried to cross the 20-day EMA mark.

Despite the downtick, a few technicals have guided that the token price has bottomed out. It might see a recovery soon.

Total Value Locked (TVL) Noted a Downtick

Amidst the price drop, the Conflux tokens TVL saw a downward shift and dropped to $12.7 Million. That indicated a reduced amount of assets being staked and lower investor confidence in the CFX token.

Notably, the future Open Interest (OI) saw a rise of over 1.77% to $34.25 Million. It signified a slightly long additional activity in the past 24 hours.

If the CFX token successfully secures the $0.12 mark, it may exceed the recovery. Furthermore, it could retest the resistance mark of $0.16 and then the $0.18 mark in the next few sessions.

Meanwhile, if it faces rejection from the 20-day EMA mark, it may retest the demand zone of $0.12. Also, it can go to the low mark of $0.10 in the short term.