Conflux and other cryptocurrencies are seeing a lot of selling pressure at the time of writing. Due to this bearish condition, the crypto market is down by a few percent.
Although not significant, the global cryptocurrency market cap may be at the start of another downtrend. If the decrease continues, it will return to levels it left two weeks ago.
Nonetheless, let’s review how the top two losers performed over the last 24 hours.
Conflux Lost 12%
The altcoin kicked off trading at $0.22. After this opening, it made an attempt to the top. As a result, it peaked at $0.23 but faced strong rejection afterward. Due to this, It started a downtrend and gradually decreased in value.
On the 2-hour chart, the candles indicate a steady drop in the worth of the asset. However, one of the major dips happened at 16:00 UTC. During that period, it retested the $0.20 support. It failed to flip it but did a few minutes later. After it broke, CFX dropped to a low of $0.19 but recovered before the 2-hour session came to an end.
On the 1-day chart, the downtrend looks more severe. Conflux is down by more than 12%. On the other indicators are also pointing to further price decreases.
For example, the Moving Average Convergence Divergence is displaying a bearish signal. At the time of writing, the 12-day EMA is arched downwards and may intercept the 26-day EMA. This means the altcoin is gearing up for an impending bearish convergence.
Once the upcoming event takes place, a divergence will follow. Both impending situations are signs of negative reactions in value. If the downtrend stays longer, the asset under consideration may return to levels it left two weeks ago.
Nonetheless, based on price movement, the altcoin may bank on one critical level to halt its drop; $0.17. Over the last fourteen days, CFX tried to test this key mark more than once. However, all of the trials failed. The impending downtrend may not be different and the dip may halt between $0.172 and $0.176 as with previous attempts.
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