Market Overview: Conflux/Tether (CFXUSDT) – 24-Hour Price Action and Technical Insights

Summary
• Price tested key support near 0.0684 before rebounding amid rising volume.
• Strong reversal candle formed near 0.0683, hinting at short-term bullish momentum.
• Volatility expanded in the final hours as price surged past 0.0715.
• RSI and MACD aligned with price strength, but overbought conditions emerged near 0.0739.
• Turnover spiked sharply during a 15:15–15:30 ET rally to 0.0738.

Price and Volume Summary

Conflux/Tether (CFXUSDT) opened at 0.0684 on 2025-12-23 at 12:00 ET, reached a high of 0.0761, a low of 0.0680, and closed at 0.0712 as of 2025-12-24 at 12:00 ET. Total volume over the 24-hour period was 65,958,621.0, with notional turnover of 4,672,279.0 USDT.

Structure & Formations

Price found firm support near 0.0684 on two separate occasions, followed by a bullish reversal candlestick with a short upper wick at 0.0683. Later in the session, a sharp bullish move broke above a prior high of 0.0715, forming a potential bullish breakout pattern. A large doji formed at 0.0715 following the peak at 0.0738, suggesting short-term indecision.

Moving Averages

On the 5-minute chart, the 20-period MA provided dynamic support around 0.0690, while the 50-period MA acted as a resistance floor during the early decline. Price closed above both on the final 5-minute bar. On the daily chart, the 50-period MA is currently near 0.0695, and the 200-period MA at 0.0682, suggesting a potential long-term base is forming around 0.0685.

MACD & RSI

The MACD line surged during the late morning and early afternoon rally, confirming bullish momentum. RSI peaked at 78 near 0.0739, indicating overbought conditions, but did not show signs of topping until the doji at 0.0715. This suggests strong institutional or algorithmic buying pressure during the rally.

Bollinger Bands

Bollinger Bands widened significantly during the 15:15–15:30 ET rally, reflecting a breakout in volatility. Price closed just below the upper band during this period, indicating strong buying pressure. The 20-period Bollinger Band width reached a 24-hour high, signaling increased uncertainty and potential for continued directional movement.

Volume & Turnover

Volume and turnover surged sharply during the 15:15–15:30 ET rally, with nearly 9.3 million contracts traded at 0.0738. This confirms the strength of the rally and suggests genuine institutional interest. Earlier in the session, volume waned as price approached key support levels, but picked up again during the bounce, supporting the bullish reversal narrative.

Fibonacci Retracements

The 61.8% retracement level of the 0.0680–0.0739 move sits at 0.0706, which was tested in the final hours and held. A further rebound above 0.0715 could target the 78.6% retracement near 0.0725. On the daily chart, a 38.2% retracement of the recent consolidation is at 0.0692, aligning with the 50-period MA.

Outlook and Risk

Price appears poised to test the 0.0725–0.0730 range as the next key resistance cluster. A close above 0.0725 could confirm a new uptrend. However, a failure to hold above 0.0706 may trigger a retest of the 0.0680–0.0683 support area. Investors should remain cautious of overbought conditions and potential short-term profit-taking.