The price of Conflux (CFX) has seen a significant pump in the last 24 hours, rising over 35% to $0.150583 at the time of writing. This latest price movement appears to be driven largely by positive sentiment in the overall cryptocurrency market, as traders look to altcoins like CFX amidst a rally in Bitcoin.
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CFX is often grouped with other Chinese-linked cryptocurrencies, which have also performed well recently. The token has built a narrative around its ties to China’s blockchain community, as Conflux is one of the few public, permissionless blockchains developed in China.
From a technical perspective, CFX had been trading in a falling wedge pattern on its 4-hour chart over the past few weeks. Yesterday, the token finally broke out of this pattern to the upside on high trading volume of over $135 million.
According to analyst Captain Faibik, this wedge breakout combined with strong bullish volume points to further upside for CFX in the near-term. Faibik has set a short-term price target of 200% gains from current levels, noting that CFX looks poised to continue this momentum.
With altcoins back in vogue and technicals aligning, traders appear to be betting on Conflux to be one of the top performers during this latest crypto market rally. The coming days will reveal whether CFX can build on this bullish breakout and deliver the massive gains some analysts are calling for.
Conflux (CFX) is a public blockchain network and the native cryptocurrency of the Conflux network. The Conflux network was created in 2018 by Dr Andrew Chi-Chih Yao, a renowned Chinese computer scientist. The network’s goal is to power decentralized applications (dApps), e-commerce, and Web 3.0 infrastructure.
The Conflux network uses a hybrid format that offers some benefits of a private blockchain. It stands apart from Bitcoin and Ethereum with its Tree-Graph structure, which allows the network to process multiple blocks simultaneously. The network uses a proof-of-work (PoW) consensus mechanism to allow people to add blocks to the blockchain and earn rewards.
CFX is used to:
- Pay fees
- Secure the network through staking
CFX is a hard-capped scarce asset. Each CFX contains 10^18 Drip. Transactions on Conflux are handled similarly to those on the Ethereum network, with CFX playing a similar role as ETH.
