CONX Technical Strength Grows as Bulls Eye $250 Price Target

The Direxion Daily Coinbase Bull 2X ETF (CONX) has begun to show signs of technical strength, according to chart analysis. A bullish upside breakout would occur if CONX prices push and close above strong resistance at $13.21, the March high. This could lead to a potential price move to the $250 area or higher.

The Moving Average Convergence Divergence (MACD) indicator is also in a bullish posture, with the blue MACD line above the red trigger line and both lines trending up. A close above the 50-day simple moving average would be another technical clue suggesting further price gains.

Bulls are cautiously optimistic, but still face challenges. A price move below $4.73, this year's low, would provide bears with technical strength to suggest a fresh leg down in prices is forthcoming. The bulls need to defend the key technical support level.