【$CFX Signal】Hold off on opening positions, wait for key support confirmation

$CFX In the daily downtrend, the price is consolidating with decreasing volume near the previous low, trying to find support.

🎯 Direction: Hold off

Market analysis: The price has broken below all key EMAs (EMA20: 0.0461, EMA50: 0.0493), indicating a clear downward channel. On the 4H timeframe, the price has tested the 0.044 area multiple times but with weak rebounds, and the highs are gradually declining.

Hardcore logic: Currently, open interest remains stable, funding rates are slightly positive, and there are no signs of short squeezes or panic exits by major players. Depth data shows selling pressure is significantly greater than buying pressure (depth imbalance -11.65%), indicating heavy selling pressure above. Although RSI( is at 36.64) and not oversold, in a downtrend, weak rebounds are likely to test new lows again.

Core strategy: This is not the time to catch the bottom. The price needs to stay firmly above 0.0461 (EMA20) with increasing open interest to reverse the short-term decline. Otherwise, any rebound to the 0.0458-0.0463 resistance zone could be a potential shorting opportunity. Currently, stay cautious and wait for clearer supply and demand reversal signals or a stabilization pattern after testing deeper supports (such as the 0.042-0.043 zone).

Trade here 👇 $CFX

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