- The Conflux price soared 15% after Binance announced support of the CFX mainnet.
- The CFX outlook shows that prices broke out of a symmetrical pattern recently on the 4-hour chart.
- The RSI is trending towards overbought territory which could cause a drop in CFX.
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 falling to $0.029 in January, CFX prices rose to $0.47 in March. This was after the 2022 bear market. Although prices have been trending downwards recently as the wider market was affected by negative sentiment, Binance’s latest positive news has provided a significant boost to the coin.
The CFX/USD rally comes at a moment when the crypto market cap has jumped more than 4% in 24 hours, with Bitcoin price breaking through $30,000.
Major altcoins surged Tuesday, as Ethereum broke above $1900. ETH bulls were aiming for the psychological $2,000 level before the highly anticipated Shanghai upgrade.
Why CFX prices jumped 15% today
Conflux is a top layer 1 blockchain platform that’s regulatory compliant in China.
Recently, the platform made significant steps in its development roadmap. This signaled further network growth with key partners, including 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. Binance will now allow withdrawals and deposits for CFX tokens. Access to the tokens is possible through Conflux eSpace or Conflux Core Space.
CFX responded to Binance’s news by a sharp price rise.
CFX price prediction
Recently, Conflux price broke out of the symmetrical triangle pattern. Despite the dramatic rise to multi-week highs $0.45, sellers may be returning. The 4-hour RSI indicates that CFX is overbought.
The 4-hour chart shows Conflux price movements. Source: TradingView
The MACD 4-hour indicator shows bulls are in a strong place. However, likely selling pressure from investors taking profits could cause CFX/USD to rely on a new level of support at the previous hurdle of symmetrical triangle resistance trendline.
If buyers continue to make gains above $0.42, then a bullish outlook will be maintained for Conflux price. Bears will be able to target new moves below $0.40 if buyers consolidate gains above $0.42. $0.36 is the primary support level.
