Conflux ($CFX) Dumps 15% Overnight as RSI Nears Oversold – Bounce or Breakdown Ahead?
Main Idea
Conflux (CFX) experienced a 15% price drop but maintains a 91% weekly gain, driven by ecosystem upgrades like Tree-Graph 3.0 and partnerships, while technical indicators suggest potential further volatility.
Key Points
1. Conflux (CFX) dropped 15% overnight but still shows a 91% weekly gain due to ecosystem upgrades and international adoption.
2. The Tree-Graph 3.0 upgrade, combining Proof-of-Work and Proof-of-Stake, aims to enhance scalability with up to 15,000 transactions per second.
3. Conflux partnered with AnchorX and Eastcompeace to launch axCNH, an offshore yuan-pegged stablecoin, targeting Belt and Road Initiative countries.
4. Technical indicators like RSI nearing oversold and MACD turning bearish suggest potential further price volatility, with key support at $0.185.
5. Conflux has collaborations with McDonald’s China and the Shanghai government, alongside $15.81 million in Total Value Locked (TVL) on its platforms.
Description
Conflux ($CFX) plunged 15% overnight as traders cashed out gains in a sharp reversal from its 91% weekly rally. Now, all eyes are on the $0.185 support level to determine if this represents a healthy pullback or the end of its parabolic rally. The selloff follows $CFX’s explosive 52% rally driven by hype around Conflux’s Tree-Graph 3.0 upgrade and China-focused stablecoin partnerships. But with RSI nearing oversold and MACD flipping bearish, the token’s next move hinges on whether bulls can defe...
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