Key Takeaways:
- During the ongoing crypto bull run, Conflux Network’s market cap hits $1 billion.
- CFX price has risen 245% since Mar 11.
NEW DELHI (CoinChapter.com) — Conflux Network, China’s only state-backed blockchain platform, has enjoyed a massive bull run over the past few days. The bull run helped the blockchain breach the $1 billion market cap.
One of the most bullish developments favoring Conflux is the firm’s recent partnership with China Telecom. In a tweet, the firm stated that the partnership would focus on developing blockchain-enabled sim cards.
The firm claimed that the blockchain sims or ‘BSIM ‘would be the “largest blockchain hardware product” globally.
Conflux Network has completed the BSIM R&D and is currently testing the prototype on its mainnet, the firm said in its announcement.
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As a result of Conflux’s recent bullish upgrades, the blockchain platform witnessed a steady increase in its transaction count. The metric suggests that investor and developer interest in the blockchain has increased.
CFX Price Pulls Back As Bears Move In
The CFX token price dropped nearly 16% on March 20, forming an intraday low near $0.39. The downtrend marked a pullback from the ten-day-long CFX’s bull run that saw the token rise 245% from March 11’s low of $0.135.
Moreover, the uptrend helped CFX’s price reach its highest since Sept 2021. However, long upper wicks on the token’s recent daily candles suggest traders might be booking profits, increasing the selling pressure.
If the downtrend continues, the CFX price would likely test support near $0.38. Moreover, breaching the immediate support could force the Conflux token to test recently flipped support near its 20-day EMA (red wave) at $0.295.
Meanwhile, the relative strength index for the CFX token entered the neutral region again, clocking 66.77 on the daily charts. The overbought RSI level might be one reason for CFX’s pullback. Traders often consider an overbought RSI level indicator of an upcoming trend reversal.
Conversely, if the CFX price continued its uptrend, the token would encounter resistance near $0.47. Moreover, a break and hold above immediate resistance could help the Conflux Network token rise to target resistance near $0.59 before downside corrections pare gains.
