Conflux/Tether (CFXUSDT) Market Overview

Summary
• Price opened at $0.0989, surged to $0.1164, and closed at $0.1094, down from the session high.
• Volatility spiked overnight with a massive $0.1164 high, followed by consolidation.
• Volume surged sharply in early hours but tailed off in the afternoon, signaling uncertainty.

CFXUSDT’s 24-hour candle opened at $0.0989 and closed at $0.1094 by 12:00 ET, with a high of $0.1164 and low of $0.0987. Total volume reached 63,828,558.0 USDT, with a notional turnover of ~$6.93 million, reflecting increased trading intensity during the overnight session.

Structure & Formations

Price tested key support at $0.1044–$0.1046 twice before bouncing higher, suggesting temporary strength. A bearish engulfing pattern formed at $0.1095–$0.1092 near midday, hinting at possible reversal pressure. A long lower shadow at $0.1069–$0.1073 indicates rejection of further downside.

Moving Averages

On the 15-minute chart, price closed above both 20-EMA and 50-EMA, indicating short-term bullish bias. However, the 50-EMA is starting to lag behind the 20-EMA, signaling potential divergence. On the daily chart, CFXUSDT is still below the 50- and 200-EMA, pointing to longer-term bearish pressure.

MACD & RSI

MACD has shown positive divergence in the past 6 hours, with bullish momentum building on price lows. RSI is currently at 52, neutral, but a rapid drop below 50 in the afternoon suggested temporary bearish momentum. Overbought conditions were seen early in the session but have since normalized.

Bollinger Bands

Price has remained within the Bollinger Bands, with a slight move toward the upper band during the morning surge. The band width has widened over the last 12 hours, reflecting increasing volatility. A contraction is expected if the current consolidation phase continues.

Volume & Turnover

Volume surged in the early hours, particularly around 00:15 ET, when CFXUSDT spiked to $0.1164. Notional turnover mirrored this, with $1.4 million traded in that single 15-minute interval. Divergence in volume and price appears in the afternoon as price declined with lower volume, suggesting weak bearish conviction.

Fibonacci Retracements

A 38.2% retracement of the overnight high ($0.1164) lies at $0.1088, which has been tested twice. A break below 61.8% at $0.1044 would signal a resumption of the bear trend.

Backtest Hypothesis

With CFXUSDT showing multiple divergences and key Fibonacci levels in play, a backtest based on RSI ≤ 30 and MACD bottom divergence could offer insights into potential entry points. However, the strategy requires accurate historical RSI and MACD data for CFX-USDT. To proceed, confirmation of the correct ticker format (e.g., BINANCE:CFXUSDT) is needed to pull the required indicators and run the simulation from 2022–01–01 to today.