$CFX /USDT Technical Analysis – Under Pressure

​The $CFX (Conflux) chart on the 1H timeframe is currently showing a significant bearish trend. After failing to hold the higher levels, price is now searching for a solid floor.
​Here is your technical breakdown for the current setup:
​🧱 Key Levels to Watch
​Immediate Resistance: $0.0679
This is the first hurdle for the bulls. The price needs to reclaim this level to stop the immediate bleeding.
​Major Resistance: $0.0709 (MA30)
The 30-period Moving Average (yellow line) is acting as a heavy dynamic ceiling. A break above this is required to shift the sentiment back to neutral/bullish.
​Immediate Support: $0.0652
The current 24h low. If this level fails to hold, we could see a deeper correction toward the $0.0630 zone.
​Critical Support: $0.0639
The next major structural support area on the lower timeframe.
​📊 Technical Insights
​Price Action: We are seeing a "Lower High and Lower Low" pattern, which confirms a short-term downtrend.
​Moving Averages: The price is trading well below the MA5, MA10, and MA30, indicating strong selling pressure.
​MACD: The MACD is in negative territory with the histogram showing consistent red bars, suggesting that the bears are currently in control of the momentum.
​💡 Market Strategy
​For those looking to enter, it is wise to wait for a "Double Bottom" formation or a confirmed breakout above the $0.0680 resistance with high volume. Avoid catching a falling knife until support is clearly established.
​Risk Management: The market is volatile with a -12.11% drop today. Ensure your stop-losses are in place.#GateSquareMayTradingShare