Market Overview for Conflux/Tether (CFXUSDT)

Summary
• Price formed bearish engulfing and rejection clusters near 0.0731 and 0.0743.
• Volatility expanded early morning, with sharp volume surges near 0.074 and 0.0735.
• RSI signaled overbought conditions before late afternoon pullback, suggesting profit-taking.
• Bollinger Bands showed moderate expansion during peak volatility, confirming trend exhaustion.
• Turnover spiked midday, peaking at 85,930 USD before fading into late trading.

At 12:00 ET-1, Conflux/Tether (CFXUSDT) opened at 0.0726, hit a high of 0.0747, a low of 0.0707, and closed at 0.0712 by 12:00 ET. Total volume reached 11,566,810.0, with a turnover of 825,790.01 USD over the 24-hour period.

Structure & Formations

Price formed multiple bearish engulfing patterns around 0.0731 and 0.0743, indicating resistance cluster exhaustion. A long-legged doji formed near 0.0735, suggesting indecision before the midday breakdown. Key support was tested at 0.0715–0.0712, where price found temporary refuge after a sharp afternoon decline.

Moving Averages and Momentum

On the 5-minute chart, the 20 and 50-period MAs showed a bearish crossover near 0.0731, confirming the morning’s reversal. RSI peaked above 70, signaling overbought conditions, followed by a bearish divergence as price dropped into the 0.0711–0.0715 range. MACD turned negative early afternoon, amplifying the bearish signal.

Volatility and Volume

Bollinger Bands widened between 03:45 and 06:45 ET as price surged to 0.0747, then narrowed after the midday sell-off, suggesting exhaustion. Volume spiked at 0.074 and 0.0735, with a massive 1,160,282.0 volume candle at 06:15 ET. Notional turnover aligned closely with price swings, showing no divergence.

Turnover and Fibonacci

Turnover peaked at 85,930 USD on the 12:15 ET candle, coinciding with the breakdown from 0.0722 to 0.0712. Fibonacci retracements on the 0.0707–0.0747 swing suggest 0.0715 (38.2%) and 0.0711 (61.8%) as critical levels. Price appears to have found near-term support at the 61.8% level.

Price may consolidate in the 0.0707–0.0715 range over the next 24 hours, but risks a break below 0.0709 if bearish momentum intensifies. Investors should watch for a test of 0.0731–0.0735 as a potential reversal zone.