Market Overview for Conflux/Tether (CFXUSDT): A Bearish 24-Hour Move with Oversold Conditions

CFXUSDT declined 9.1% over 24 hours, breaking below key support at 0.076 and forming a bearish engulfing pattern.
Volatility remained stable, with price staying within a moderate Bollinger Band range.
RSI and MACD confirmed bearish momentum, with RSI below 30 indicating oversold territory.
Turnover spiked during the early hours of 2025-12-10, but price failed to recover.
A 0.0746 low marks a potential short-term support level ahead of Fibonacci 61.8% at 0.0753.

Conflux/Tether (CFXUSDT) opened at 0.0785 on 2025-12-09 at 12:00 ET, hit a high of 0.079, and closed at 0.0753 on 2025-12-10 at 12:00 ET. Total volume was 10,681,896.0 and turnover reached $788,923. The pair moved lower through a series of bearish reversals and failed attempts at consolidation.

Structure & Formations

A strong bearish engulfing pattern formed during the 17:30–17:45 ET session, confirming a shift in sentiment. Price then broke below prior support at 0.076, opening a potential downside to 0.0746–0.0753. A doji at 0.0756–0.0757 on 2025-12-10 at 07:30 ET hinted at short-term indecision, while a larger bearish candle during the 09:30–09:45 ET session reinforced weakness.

Moving Averages and Momentum

On the 5-minute chart, CFXUSDT closed below both the 20 and 50-period SMAs, confirming a bearish bias. The RSI closed near 30, suggesting oversold conditions, while the MACD remained in negative territory with bearish divergence.

On the daily chart, the 50/100/200 SMA structure is not visible in this dataset but would likely show a bearish alignment if extended.

Volatility and Volume

Price action remained within a narrow Bollinger Band range, indicating low volatility. A notable volume spike occurred between 09:30 and 10:15 ET, but it failed to drive the price higher. This suggests bearish control, with sellers overpowering buyers. Turnover and price moved in line, with no divergence observed.

Fibonacci and Key Levels

A recent 5-minute swing from 0.0789 to 0.0746 identified key Fibonacci levels: 38.2% at 0.0769, 61.8% at 0.0753. Price is currently testing the 61.8% level, which could either act as support or trigger further downside if broken. On a broader scale, the daily chart would show more context, but within the 24-hour window, the 0.0746 low may be the next critical level.

CFXUSDT appears to be consolidating at oversold levels, but with bearish momentum intact. A close below 0.0746 could open the door for further losses. Investors should monitor volume and Fibonacci levels for potential short-term bounces, but risk remains skewed to the downside in the next 24 hours.