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Anticipate a Potential 60% Surge in Centrifuge (CFG) Prices in the Near Future

The Centrifuge (CFG) price is breaking out above the long-term resistance zone and showing decisive bullish signals. It is expected to rise strongly in the near future.

Weekly Outlook

The Centrifuge (CFG) price has broken out above the long-term range from $0.17 to $0.45 (spanning 560 days) and confirmed it as support during the week from January 29th to February 4th, 2024 (green arrow).

This action indicates that the long-term downtrend has ended, and CFG is in a new uptrend.

Indeed, the CFG price has rallied sharply after the bounce and is in the process of breaking above the long-term resistance zone at $0.8.

The weekly RSI (Relative Strength Index) has bounced from the 50 level and is sloping upwards, supporting the breakout possibility.

If the price successfully breaks out this week, it could rise by an additional 64.10% to the next important resistance zone at $1.55.

CFG/USDT weekly chart. Source: TradingView

Breakout of the Ascending Parallel Channel

The daily chart shows that the CFG price has been trading inside an ascending parallel channel since November 21st, 2023. This is a bearish pattern, often leading to breakdowns in most cases.

However, instead of a breakdown, the CFG price has broken above this channel on March 21st, 2024, with a large bullish candle.

This action has invalidated the bearish pattern and shows that the bullish momentum is strong.

The daily RSI has formed a bullish divergence and surged above the 50 level, signaling that bulls are in control of the market.

Therefore, the CFG price could rise to the nearest horizontal resistance zone at $1.1 in the coming days.

CFG/USDT daily chart. Source: TradingView

Conclusion

The most probable outlook suggests that the CFG price will continue to rise in the near future. The nearest target is $1.1 and higher towards $1.55.

The bullish outlook will be invalidated if the CFG price closes the weekly candle below the $0.8 zone.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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