Top 3 Chinese Cryptocurrencies with Bullish Pattern Set for Massive Recovery
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Loading... - Bojing Liu
- 08 Jun 2023
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The announcement made by the Hong Kong SFC regarding the approval of specific cryptocurrencies for trading has sparked an increase in the adoption of crypto among market participants. In light of this development, traders have displayed significant interest in crypto projects related to China and are anticipated to experience a notable surge in the near future. Consequently, this article aims to analyze some of the leading Chinese coins to ascertain their future trends and trading opportunities.
Conflux (CFX) Price Analysis: Seizing the Pullback Opportunity
On May 29th, the price of Conflux coin witnessed a bearish reversal after reaching the resistance trendline of the flag pattern. This reversal triggered another bear cycle within the chart pattern, putting the altcoin at risk of a more substantial correction.
At present, the CFX price is trading at the $0.2 level, and given the potential downturn, it could potentially decline by 30% to reach the combined support of a lower trendline and $0.175. However, the falling channel pattern is renowned for producing a significant price rally upon breaking out of its resistance trendline.
A potential breakout from the overhead trendline would bolster the bullish momentum in the Conflux price and drive a rally towards the $0.487 level.
Neo (NEO) Price Analysis: Approaching a Breakout
A V-shaped recovery from the lower trendline of the channel pattern has propelled the NEO price by 23% within one month. With sustained buying pressure, the coin price is likely to surpass the resistance barrier at $11.37 and continue its rally by an additional 8-10% to challenge the overhead trendline.
A breakout above this level, confirmed by a daily candle closing, may provide buyers with reliable support to propel a bullish rally towards a peak of $15.8.
Filecoin (FIL) Price Analysis: Consolidating Before an Impending Rally
On the weekly timeframe chart, Filecoin price has been moving sideways, bouncing off two converging trendlines, thus indicating the formation of a symmetrical triangle pattern. Currently, FIL is trading at $4.6, and the consolidation period suggests a lack of directional bias from buyers or sellers.
Traders who seek high momentum should exercise patience and wait for the prices to breach either of the converging trendlines. A potential breakout from the upper trendline would push the prices beyond the $1.25 mark, signaling a surge in price.
