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The fear of missing out (FOMO) seems to be catching up with investors as they scamper to fill their bags with CFX, the token powering Conflux, a hybrid blockchain-based out of China. In just 30 days, Conflux price has gained over 500% in value to trade at $0.16 at the time of writing.
Some people have expressed optimism that CFX will grow to become the “Ethereum of China.” Being a hybrid blockchain, Conflux combines the best of proof-of-work (PoW) and Proof-of-Stake (PoS) consensus algorithms.
Conflux price is up a whopping 33% in 24 hours to trade at $0.16 at the time of writing. Like other cryptocurrencies in the market, CFX ignited the rally in early January after tagging a December low of $0.02.
The first and most significant move saw Conflux price step above the 50-day Exponential Moving Average (EMA) (in red) and the 100-day EMA (in blue) on the daily time frame chart.
Investor confidence shot up as Conflux price spiked above $0.05 and almost closed the gap to $0.10. However, profit booking coupled with pressure on the crypto market from the United States Federal Reserve’s decision to raise interest rates by 25 basis points cut short the upswing.
Conflux price dropped to test and confirmed support at $0.05 last week as regulatory pressure mounted on the market. After the Securities and Exchange Commission (SEC) went after Kraken exchange for not registering its staking-as-a-service program serving retail customers, investors panic sold amid fear the regulator would go after Ethereum, claiming it is a security.
The SEC also warned platforms requiring customers to relinquish control over their assets that it would be coming for them. Staking is a feature that allows users to lock their tokens in a smart contract or node operators to secure the network. In return, they earn rewards in the same token. Staking allows investors to earn money while holding an asset for a long period.
Meanwhile, Conflux price resumed the uptrend mid-through this week’s trading alongside other cryptocurrencies. It quickly became one of the biggest gainers coupled with news that the network had entered into a strategic partnership with China’s second-leading telco company.
As observed on the daily chart below, Conflux price stretched the leg to highs of $0.18 as FOMO hit investors for breaking above a critical multi-month trend line resistance. CFX was virtually unstoppable climbing above $0.10 and with the bulls still in check, a breakout above $0.20 could follow during the weekend.
Golden Cross Pattern Validates Conflux Price Bullish Rating
From the same chart, we see the 50-day EMA (in red) crossing above the longer-term 200-day EMA (in purple). A golden cross is a highly sought-after technical pattern used by traders to validate an expected long-term bullish trend.
Some golden crosses have launched remarkable bull markets in the past in selected assets such as Bitcoin and Ethereum. Therefore, it would be imperative to anticipate Conflux price to nurture an incoming breakout – possibly to highs around $0.30 in a few weeks and $1.00 in months.
Conflux price upholds the bullish narrative in shorter time frames. For instance, the Moving Average Convergence Divergence (MACD) indicator on the four-hour chart dons a vivid buy signal. As long as the MACD line in blue stays above the signal line in red, the path with the lease resistance is bound to stick to the upside.
Reinforcing the bulls’ grip on CFX price are the green long histograms above the mean line. In addition to that, the Money Flow Index (MFI) reveals more money is streaming into CFX markets.
The MFI is a technical indicator like the Relative Strength Index (RSI), only that it incorporates the volume to gauge the velocity of inflows vs outflows. Investors tend to accumulate as the MFI lifts into the overbought region above 80.00. Such conditions are suitable for a bullish breakout as they build up momentum.
For now, all eyes are on the bulls’ ability to hold support at $0.16 intact. A pit stop at this price level would allow key fundamentals to catch up with the massive rally. Investors will also gain confidence for the next recovery phase from $0.20 to $0.30.
Conflux Strategic Partnership with China Telecom
Two days ago Conflux Network announced a strategic partnership with China Telecom, the second-largest wireless carrier in the People’s Republic of China (PRC). This collaboration will see the telco company launch BSIM—blockchain-enabled SIM cards.
The new Web3 product will launch “the largest blockchain hardware product ever seen globally, involving the most users and applications.” The first BSIM pilot program is expected to debut in Hong Kong later in the year.
Both teams will work together to integrate “Conflux’s Tree-graph, dual proof-of-stake, and proof-of-work technology, enabling the highest system performance for any blockchain in the world.” This development would significantly bring down the barriers to entry for Web3 and the Metaverse.
Conflux revealed in the announcement that the R&D phase for the BSIM card has been completed with the connection to the protocol’s mainnet in testing. Milestones such as storage and sending functions for digital assets have already been accomplished.
Investors welcomed the news with open arms, knowing that CFX would be exposed to millions of people in China. Experts say that Conflux could be a force to be reckoned with in the future, with the ability to compete with established networks like Ethereum.
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Source: https://insidebitcoins.com/news/conflux-price-skyrockets-33-to-0-18-as-664m-in-trading-volume-rushes-in