Reasons Behind CFX’s 15% Spike


  • Conflux token surged 15% after Binance declared support for the CFX mainnet.
  • The CFX outlook on the 4-hour graph indicates that the price recently broke out of a symmetrical pattern.
  • The RSI is trending in overbought territory, which could lead to a fall in CFX value.

Conflux token soared 15% today as the cryptocurrency’s network activity in recent weeks was huge. The coin’s spectacular gains add to an optimistic outlook for a coin that saw a parabolic increase in the value of the native CFX token.

After trading to lows of $0.029 in late January after the 2022 bear market, CFX price rose to top $0.47 in March. While prices have recently been sideways as the wider market waded in negative sentiment, the recent upside goes hand in hand with a major boost for the coin from crypto exchange Binance.

CFX/USD is also rallying at a time the crypto market cap has jumped over 4% in the past 24 hours as Bitcoin price broke above $30,000. 

Major altcoins rallied on Tuesday as Ethereum broke above $1,900 as ETH bulls eyed the psychological $2,000 level ahead of the highly anticipated Shanghai upgrade.

What caused CFX’s 15% surge?

Conflux is a top layer 1 blockchain platform that’s compliant with China regulations. 

The platform has recently made significant steps in its development roadmap, signaling further network growth with crucial partnerships, including China Telecom, DeFi protocols platform dForce, and blockchain game platform Samurai.

On Tuesday, the world’s largest cryptocurrency exchange by trading volume Binance announced it would support Conflux’s mainnet integration. With the support, Binance will add deposits and withdrawals for the CFX tokens. Users can access the tokens through Conflux eSpace, Conflux Core Space and the BNB Smart Chain.

CFX reacted to the Binance news with a sharp price surge. 

CFX price prediction

Conflux price recently broke out of a symmetrical triangle pattern. However, the sharp rise to the multi-week highs of $0.45, sellers seem to be returning as the 4-hour RSI indicates CFX is overbought.

Conflux price movement on the 4-hour chart. Source: TradingView

The 4-hour MACD indicator shows bulls remain in a strong position though and potential selling pressure as investors take profits could see CFX/USD rely on a new support level at the previous hurdle of the symmetrical triangle resistance trendline.

In the short term, a bullish outlook for Conflux price will remain in place if buyers consolidate gains above $0.42. If not, then bears can target fresh moves below $0.40, with $0.36 providing the primary support level.

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