Conflux (CFX), the token that powers Conflux’s high-throughput, Tree-Graph-powered layer-1 blockchain, has dropped below $0.40 after getting close to $0.50 over the weekend. CFX trades below $0.40.
This indicates that the token has experienced a loss of around 10% in value over the course of the previous twenty-four hours, as indicated by CoinMarketCap. Despite this, forecasts for the price continue to be optimistic.
Despite this, the digital currency is still among one of the strongest performers over the past week, having gained an astounding sixty-plus percent during that period of time. This places it among the top performers.
In point of fact, in spite of its most recent decline, CFX is still trading at a significant premium to the $0.37 level, which is roughly equivalent to its high for the month of February.
Compared to earlier monthly lows around $0.13, when the cryptocurrency bounced from its 50-day moving average, CFX has increased in value by a factor of 200.
What’s Driving Conflux (CFX)’s Huge Gains?
Around this time, Conflux’s year-to-date gains stood at approximately 1,700%, and analysts are, not unexpectedly, wondering if whales are buying and boosting the move. That very well might turn out to be the situation.
The phenomenal run that the cryptocurrency has had this year comes amid rising expectations that Conflux will prosper as a result of what is being seen as China’s return to crypto.
Some people believe that the cryptocurrency project is the most likely blockchain contender to satisfy the regulatory criteria in the region because it has been forming ties with a lot of businesses in the region.
Its 180 million users will now be able to display non-fungible tokens (NFTs) based on the Conflux platform on their profiles, and 2) one with China Telecom. Users of Little Red Book will soon have the ability to display non-fungible tokens based on the Conflux protocol on their profiles.
The telecom company has indicated its willingness to receive blockchain SIM cards and web3 mobile devices from Conflux, which they have committed to offering.
Where Next for Conflux (CFX)?
Because CFX has lately broken above its previous yearly highs, which were printed back in February in the neighborhood of $0.37, bulls have shifted their focus to the highs that will be reached in September 2021, which will be at $0.85.
That would be an additional 100% gain from where it is currently, and it would bring the total increase since the lows in late December to somewhere above 3,700%.
CFX could continue to gain tailwinds from broader market circumstances so long as blue-chip cryptocurrencies like Bitcoin and Ethereum continue to perform well in the midst of safe-haven flows owing to concerns about the global banking system.
Its performance might be bolstered even further by expectations of a significant loosening of financial conditions in the not-too-distant future from the Federal Reserve and other central banks.
Another topic that should be monitored closely is the recent decision made by Hong Kong to make the trading of (some) cryptocurrencies lawful.
Based on what was said above about Conflux’s popularity and use in China, CFX could stand to gain a lot from this. Many people think that Beijing is testing the waters to see if cryptocurrency could be legalized on the mainland.
Conflux (CFX) Alternatives
The outlook for Conflux in the short term is very positive. But, investors should always be seeking new ways to diversify the holdings they already have.
Investigating some high-potential cryptocurrency presales may be a good approach to accomplish this goal. Historically speaking, the best way to generate a return in crypto was to get in on a project at the early presale stage. Thus doing so may be a solid method to generate returns. In the past, the expression “getting in a project at the early presale stage has traditionally been the best way to produce a return in crypto” referred to the best way to generate a return in cryptocurrency.
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