The price of Conflux (CFX) has been going up for the past 2 days, increasing by close to 30%. The price is following a broader bullish trend from the beginning of September.
Many investors are now in search of opportunities to enter into the bullish trend and possibly make some profit. But is it a good buy yet?
A broader look at the chart shows that the price has been consolidating below the $0.1921 resistance since June.
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Show more +Now that the CFX price has gotten close to the level again, buyers may start to take profit, which could cause a retracement.
A good point to buy could be when the resistance at $0.1921 breaks out. This could be a total change of trend or trigger more bullish moves.
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The Relative Strength Index is at 71, entering into the overbought position; this could also mean the price could see some retracement soon.
The 50-day and 100-day simple moving averages are below price, supporting the possibilities of an upward move in the short and medium term. However, the 200-day simple moving average is still above the price, and it could potentially serve as resistance for price in the long term.
Traders will need to put these different factors in place before making a decision as the price gets closer to a major resistance.
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