1300% increase in the CFX price anticipated in China of their only public blockchain conflux in 2023
The cause of the improvement of CFX price according to the social media yardstick is the support of the retail investors. In 2023, CFX is coming out to be one of the leading crypto assets in China as it seems to be encouraging cryptocurrency trading which is why there is a 500% rise in the CFX value there.
How does Conflux Network work?
Conflux Network is also Shenghai Tree Graph Blockchain research institute. Conflux is the only public blockchain that conforms to the regulations in China. Also, it is a layer 1 blockchain that works on both proof-of-work (PoW) and proof-of-stake(PoS) systems.
Furthermore with a rise in the capitalization of crypto assets to approximately 45% YTD, the CFX’s price has escalated 1335% YTD to reach $0.3254 on Feb 24 which proves to be the highest in 14 months
What is causing CFX’s price to rise?
Some social media partnerships are the cause of CFX’s high pricing. For instance, after the Conflux Network’s partnership with little red books – a Chinese social media platform with 200 million users – only two days after the partnership there was a 96% escalation in the price of CFX on Jan 26. They also provide NFT services to little red books users.
In the same manner, Conflux Network and China Telecom teamed up with 350 million users of the latter after which the CFX’s price escalated to 450%. The duo partnered to develop a SIM card in Hong Kong.
As a result of these distinguished deals, the queries regarding the Conflux Network spiked up. For E.g the worldwide Google trend score of this word has reached 93 in the period of Jan 22-28 and 100 between the period of Feb 12-18.
For now, this spike for Conflux Network is very much noticeable but it does not keep CFX’s price from going through a correction in the weeks to come in the future.
A rise in the CFX price is “overbought”
CFX’s current price suggests that it is overbought, technically. The value of the relative strength index on weekly and daily charts has crossed above 70 which is a clear indicator that this overblown in prices is near depletion. Also, they evaluated the resistance, from May to November, using the Conflux Network token price range of $0.28 to 0.41.
CFX’s price could fall to $0.097 – 0.141 as a drawback from the range of resistance. The range seems to be in line with the token’s 50 weeks increasing average near $108 which is down about 65% from the price levels at present.
On the contrary, a breakout above the range of $ 0.28 – 0.41 can further escalate the CFX’s price to $0.84 which is the limit from 2021, May to September.
