Conflux / Tether
On the daily view of the CFX chart, the price has broken out of the previous downward correction, which could currently be considered as a potential bull flag formation. This notion might be reinforced by the ongoing trend reversal observed on the chart.
Despite this upward movement possibly appearing as a correction from the previous decline, it might be worthwhile to take the risk and regard the current situation as a potential opportunity. For risk mitigation, it's advisable to place the stop-loss level below the green support zone, approximately around 0.17.
The first red zone (0.22-0.23) should be observed as a resistance level, potentially indicating possible resistance. The previous peak around 0.48 can be considered as the target. It's important to note that this concept is short-term and the price can change at any moment.
It's important to note that every investment, trade, or financial decision entails personal responsibility. The purpose of this information or analysis is solely to share my own views and should not be considered as financial advice. Prior to each investment, conducting individual research and thorough analysis is crucial. Risks should always be taken into account, and a personal risk management strategy should be applied considering individual financial situations and investment goals. Every investment is based on personal decisions, and the risks associated with it are the responsibility of each individual.
Despite this upward movement possibly appearing as a correction from the previous decline, it might be worthwhile to take the risk and regard the current situation as a potential opportunity. For risk mitigation, it's advisable to place the stop-loss level below the green support zone, approximately around 0.17.
The first red zone (0.22-0.23) should be observed as a resistance level, potentially indicating possible resistance. The previous peak around 0.48 can be considered as the target. It's important to note that this concept is short-term and the price can change at any moment.
It's important to note that every investment, trade, or financial decision entails personal responsibility. The purpose of this information or analysis is solely to share my own views and should not be considered as financial advice. Prior to each investment, conducting individual research and thorough analysis is crucial. Risks should always be taken into account, and a personal risk management strategy should be applied considering individual financial situations and investment goals. Every investment is based on personal decisions, and the risks associated with it are the responsibility of each individual.
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