Key Takeaways
- CFX fell about 2% over the past 24 hours and faces the risk of dropping below $0.20 soon.
- Last week the token rallied to a high of $0.27 amid growing adoption sentiment in China.
CFX Drops 2% After Outperforming the Market
Despite a broader crypto market uptick in recent hours, Conflux’s native token CFX has underperformed. The token lost nearly 2% in the past 24 hours and looks vulnerable to slipping below the $0.20 mark in the near term.
This pullback follows a 14% surge last week that pushed CFX to a $0.27 peak. That rebound was driven in part by analyst commentary and market speculation that the token could benefit from rising interest in stablecoins and digital currency initiatives in China.
Reports indicate Conflux may be preparing an offshore renminbi stablecoin, a move that could position it among the earliest stablecoin projects tied to China. The buzz around that possibility helped lift CFX by more than 30% over the past 190 days.
Even with recent gains, CFX remains far below its all-time high of $87 set four years ago, representing a decline of roughly 99% from that peak.
CFX Could Test $0.20 — and Lower Support Levels
On the 4-hour CFX/USD chart, the structure remains bullish and orderly after the recent strong performance, but the token may still undergo additional consolidation before resuming an upward leg.
Technical indicators currently favor buyers, yet momentum has softened. The Relative Strength Index (RSI) sits near 52, signaling a weakening bullish drive, while the MACD lines hover close to neutral territory.
At the time of writing, CFX trades around $0.2097. Should the correction continue, CFX may retest the inducement liquidity (ILQ) area near $0.159 within hours or days. Failure to hold that zone could open the door to the next major support around $0.102.
On the flip side, the CFX/USD pair retains an overall bullish bias and could resume its recovery if buying pressure returns. A renewed push higher would likely target last week’s high of $0.2789, and a sustained breakout beyond that level could see CFX challenge $0.30 for the first time since April 2024.