Market Overview for Conflux/Tether USDt (CFXUSDT) on 2025-09-06

• Price drifted lower from 0.1721 to 0.1704, ending near the session low.
• A bearish engulfing pattern formed at the session high, signaling potential bearish momentum.
• Volatility remained compressed within Bollinger Bands, but volume increased in the final hours.
• RSI hovered near neutral, while MACD showed weak bearish divergence.
• Turnover rose sharply after 21:00 ET, indicating renewed attention and potential short-term catalysts.

The Conflux/Tether USDt (CFXUSDT) pair opened at 0.1706 on 2025-09-05 at 12:00 ET and drifted lower over the next 24 hours, closing at 0.1704. The session high was 0.1721, and the low was 0.1694. Total volume across the 24-hour window was 106,713,658.0, with a notional turnover of approximately $18,258,000. The price action displayed bearish momentum and consolidation.

Structure & Formations

Key support levels emerged around 0.1700 and 0.1695, with the latter acting as a floor in the late hours. Resistance was seen at 0.1710–0.1715, which held multiple times during the afternoon and evening sessions. A bearish engulfing pattern formed at the top of a small bullish rally near 0.1721, suggesting short-term bearish bias. A doji appeared at 0.1705 at 09:00 ET, indicating indecision and potential reversal or continuation depending on context.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were closely aligned in a bearish crossover setup. The price remained below both, suggesting downward bias. On the daily chart, the 50/100/200 MA structure was not available for full evaluation, but short-term bearish momentum appeared intact across all timeframes.

MACD & RSI

The MACD showed a bearish divergence during the early morning hours, with price peaking at 0.1721 while the MACD histogram contracted. RSI remained neutral to slightly bearish, oscillating between 40 and 55. No strong overbought or oversold conditions were observed, though RSI failure swings hinted at a lack of bullish conviction during rebounds.

Bollinger Bands

Volatility remained within a narrow range for most of the session, with price trading closer to the lower band for the majority of the period. A brief expansion occurred in the late night and early morning, coinciding with the price testing 0.1721. This expansion may have been triggered by news or order-flow activity, but the subsequent contraction suggested fading interest.

Volume & Turnover

Volume spiked significantly between 21:00 ET and 02:00 ET, with a peak at 03:15 ET when the price hit 0.1724. The increased volume did not confirm a bullish breakout, as the price later pulled back. A divergence between volume and price occurred during the late morning rebound, suggesting weakening bullish conviction. Total turnover mirrored this pattern, with a sharp rise in the last six hours of the session.

Fibonacci Retracements

Applying Fibonacci retracements to the 15-minute swing from 0.1695 to 0.1721, key levels at 0.1709 (38.2%) and 0.1701 (61.8%) were tested multiple times. The price found support at 0.1701 in the evening, aligning with the 61.8% retracement level. On the daily chart, no major Fibonacci levels were within the immediate range.

Backtest Hypothesis

A potential backtesting strategy could involve entering short positions upon a bearish engulfing pattern confirming a prior breakout, with stop-loss placed above the high of the pattern and a target at the 61.8% Fibonacci retracement. Given the current price near 0.1704 and the strong support at 0.1701, this setup may offer a favorable risk/reward ratio if volatility increases and buyers fail to step in.