Conflux price: here’s why CFX jumped 15%
- Conflux price spiked 15% after Binance announced support for the CFX mainnet.
- The CFX outlook on the 4-hour chart shows price recently broke out of a symmetrical pattern.
- The RSI is trending in overbought territory, which could see CFX price fall.
Conflux price is up nearly 15% today after the cryptocurrency’s massive network activity in recent weeks. The coin’s sharp gains add to a bullish outlook for a coin that experienced a parabolic increase in the value of the native CFX token.
After trading to lows of $0.029 in late January following the brutal 2022 bear market, CFX price rose to top $0.47 in March. While prices have recently been sideways as the broader market waded in negative sentiment, the latest upside coincides 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 amid Bitcoin price breaking 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.
Why CFX price jumped 15% today
Conflux is a top layer 1 blockchain platform that’s regulatory compliant in China.
The platform has recently made huge steps in its development roadmap, signaling further network growth with key partnerships, including with 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 increase.
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 appear to be returning as the 4-hour RSI suggests 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 likely 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.
