Cryptonex's 0.69% Price Dip to $19.11: Key Insights for Traders on September 2, 2023

Cryptonex (CNX) saw its price decline 0.69% over the past 24 hours to $19.11, according to data compiled on September 2, 2023. With a market capitalization of $2.05 billion, CNX remains a mid-cap cryptocurrency that continues exhibiting high volatility. This article will analyze the key CNX metrics over different timeframes to derive insights for traders.

Over the past hour, CNX has traded flat at +0.00%. This indicates that despite the 24-hour decline, sellers have paused after driving the price down in earlier trading. The hourly chart shows CNX finding support near $19, which has halted the short-term bleeding for now.

Zooming out to the daily timeframe, CNX is down 0.69%. While this is not a huge single-day drop, CNX has been trending lower over the past week, shedding 0.82% over that period. The daily chart shows that CNX recently bounced off the $18 level, indicating there is buyer interest around that price zone. However, the overall technical picture remains bearish, with CNX still trading below all key moving averages.

Looking at the monthly view, CNX has plunged 12.75% over the past 30 days. This sharp pullback highlights increased volatility and uncertainty in the CNX market. The monthly chart shows CNX gapping below its 20-month moving average near $22 in a decisive breakdown. This is a bearish technical signal that could precede further declines.

Zooming out even further, the long-term picture looks brighter. CNX has gained 11.23% over the past 6 months, outperforming broader crypto markets. The 6-month chart shows CNX recovering off its 2022 lows near $14 as buyers have gradually stepped in. This could indicate CNX is bottoming out after a brutal crypto bear market last year.

Price Prediction for CNX Over the Next 6-12 Months

Based on this multi-timeframe technical analysis, my prediction is that CNX will trade rangebound between $16-$22 over the next 6-12 months. I expect volatility to remain elevated, with CNX reacting sharply to both bullish and bearish crypto sector news.

While further downside is possible, I think buyers will defend the $16 level that marks CNX's 2022 low. As long as CNX holds above this support, the multi-month picture looks constructive. CNX may challenge the $22 resistance in 2H 2023 if the crypto sector sees renewed bullish momentum. However, breaking out above $22 would require a major shift in market structure.

Traders should watch the 20-day and 50-day moving averages on the daily CNX chart. If CNX can reclaim these key MAs, which sit around $20 currently, it would signal a short-term trend change. But as long as CNX trades below the 20DMA and 50DMA, rallies are likely to be sold into.

What Are the Key Support and Resistance Levels for CNX?

Support levels are price zones where demand is likely to emerge, stopping a decline. CNX has support between $16-$18, marked by its 2022 lows and the recent bounce area. Below $16, there is not much support until the $12 zone.

Resistance levels are price areas where selling pressure may emerge, capping an advance. CNX faces resistance in the $20-$22 zone, marked by its falling 20DMA and 50DMA, along with the monthly chart breakdown point. Above $22, CNX faces another resistance test around $25.

Watch how CNX interacts with these support and resistance areas. Breaks above/below these price zones could signal larger trend changes for CNX in the months ahead.

Is Now a Good Time to Buy CNX Based on the Technicals?

While CNX has bounced off its 2022 lows, the overall technical picture remains bearish-to-neutral. The recent breakdown below the 20-month moving average is concerning and indicates sellers remain in control. CNX also continues trading below shorter-term moving averages like the 20DMA and 50DMA.

As such, I don't think now is an ideal time to buy CNX based on the technicals alone. While further downside could be limited given oversold readings, CNX needs to regain key moving averages to signal a sustainable low is in place.

The best buy signal would come from a move above CNX's breakdown point around $22. This would indicate the bears have lost control and could spark a rally back toward the $25 resistance area. Until such a breakout occurs, rallies are likely to run into selling pressure from bearish traders.

In summary, CNX's 0.69% decline over the past 24 hours continues its bearish short-term trajectory. My analysis indicates choppy rangebound price action between $16-$22 is likely over the next 6-12 months. While CNX appears oversold, key breakdowns on the daily and monthly timeframes favor caution until decisive technical levels are reclaimed.

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