✴️ Conflux Keeps Growing After 2,144%?

May 22, 2023

One of the Altcoins that did best in the initial 2023 bullish breakout was Conflux and this is clearly seen by the numbers on the screen.

The wave that started in late December 2022/early January 2023 peaked mid-March at an astonishing 2,144%.

As it is normal, a long correction phase followed this massive wave.

✔️ CFXUSDT dropped from mid March through 12-May, when a hammer candlestick showed up.

We know the hammer to be a strong reversal signal when it comes at the end of a correction.

The hammer cannot work by itself and we look/wait for confirmation which is coming in today.

✔️ CFXUSDT is moving above EMA10, EMA21 and EMA50 with a strong 55.5 RSI.

This type of action can lead to additional growth and for this pair to hit a new high.

Analysis valid as long as the current price remains above the 12-May wick low.

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