John Isige
Conflux is one of China’s fastest-growing blockchain networks built around both proof-of-work (PoW) and Proof-of-Stake (PoS) mechanisms. Conflux price’s remarkable performance in 2023 can be attributed to a generally bullish crypto currency market but particularly to strategic partnerships that raised the bar for the token in the industry.
Conflux Price Bull Market Follows Strategic Partnership with China Telecom
Like many other crypto assets in the market, Conflux price has sustained its uptrend since the beginning of the year. Increasing demand for CFX has seen the token post five bullish weekly candles against a backdrop of three bearish candles in January and February.
A partnership with China Telecom, the second leading cellular service provider in Asia’s biggest economy, has kept the bullish momentum intact. According to a recent announcement, this strategic partnership will enable China Telecom to launch blockchain-backed SIM cards referred to as BSIM.
The new Web3 product will launch “the largest blockchain hardware product ever seen globally, involving the most users and applications.” The first BSIM pilot program is expected to debut in Hong Kong later in the year.
Conflux and China Telecom have committed to work hand in hand to integrate “Conflux’s Tree-graph, dual proof-of-stake, and proof-of-work technology, enabling the highest system performance for any blockchain in the world.” This development would drastically reduce the impediments to access for Web3 and the Metaverse.
Conflux said in the announcement that the research and development (R&D) phase for the BSIM card has been completed, with the connection to the protocol’s mainnet currently in testing. Key milestones such as storage and sending functions for digital assets have also been completed way ahead of the launch.
The massive uptick in Conflux price shows how investors welcomed the news with open arms, aware that CFX would gain exposure to millions of people in China. Analysts believe this is only the beginning of the road as Conflux could eventually become a force to be reckoned with in the future, and have the ability to compete with established networks like Ethereum.
That’s not all, Conflux has also signed a partnership deal with Coinhub. This collaboration is strategic because it allows network users to gain access to the Conflux ecosystem directly from Coinhub wallet. Moreover, it would significantly boost CFX’s exposure to coinhub Wallet users. Coinhub is a user-friendly multi-chain wallet and a trusted gateway to Web3.
Evaluating Conflux Price Profitability In The Coming days
Conflux price is on its second weekly bullish candle while trading at $0.2842 at the time of writing. Bulls are in check based on the technical perspective from the weekly time frame chart. Notice the most recent breakout above the multi-year falling trend line that launched CFX into the ongoing uptrend.
It is worth mentioning that although the weekly chart has not closed yet, the candlewick had stretched to $0.3656 before pulling back to CFX’s prevailing market value. The Moving Average Convergence Divergence (MACD) indicator backs the bullish narrative in Conflux price with a buy signal sustained since July.
There is the likelihood of a correction to test support provided by the falling trend line. This retracement would be accentuated by investors locking in gains following such an impressive rally.
It will also allow more buyers to join the CFX market while capitalizing on the expected move above the seller congestion zone of $0.40 – highlighted in the upper yellow band. Investors would extend their gaze to $1.00 following such a move and the element of FOMO.
The bullish outlook for Conflux price appears intact even on the daily time frame. However, investors should prepare for the possibility of a downswing to the above-mentioned multi-year trend line support.
Some traders may choose to keep their long positions intact as long as they have the capacity to prevent liquidation as profit booking takes place. A buy signal from the Super Trend indicator emphasizes the bullish grip on CFX price. Therefore, traders should not fret but keep their eyes on the next move above $0.40.
In case the technical outlook flips bearish, the SuperTrend indicator will turn red from green and move above the price. A golden cross, recently formed by the 50-day Exponential Moving Average (EMA) (line in red) crossing above the 200-day EMA (line in purple) seals the bullish deal on Conflux price.
This pattern comes into play when a short-term moving average flips above a long-term moving average. Its presence helps investors confirm an uptrend in the asset being traded. Some golden cross patterns result in massive upswings and even bull markets. However, they must be supported by suitable macro and micro environments to stay steady and produce significant results.
Conflux Alternatives To Buy Today
Before you buy Conflux you might want to consider other best altcoins to buy for 2023 along with CFX. Our team of experts has carefully selected a number of the best crypto presales to buy for 2023, which could give above-average returns.
Fight Out (FGHT) is the first project on this list due to the revolutionary use of Web3 solutions to transform the fitness industry. Users wishing to become fighting fit with Fight Out do not have to deal with the various barriers to entry, as is the case with other Move-to-Earn ecosystems. Fight Out’s presale has raised $4.52 million so far with the price currently increasing in 12-hour intervals.
Similarly, investors may want to buy C+Charge (CCHG) which is the world’s first on and off chain platform to democratize the carbon credit industry. C+Charge is also bringing up a mobile application meant to revolutionize the EV charging industry.
From this app, users will be able to locate charging stations, pay for charging at stations in CCHG and access key information like charger wait times. The presale, which has been running for a few weeks, has raised $931.
As blockchain use cases expand to cover real-life activities, Metropoly (METRO) is pushing innovation to the next level. By bringing up an NFT marketplace, Metropoly believes it has what it takes to change how investment is conducted in the real estate industry.
Users who buy the NFTs will have indirectly purchased properties from which they can receive rental income. The process of investing in real estate would come down to less than 20 seconds from the current 60 days globally. Investors buying METRO have raised $533k so far in a presale that is selling out fast.
Related Articles:
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- Key Advantages of Investing in Metropoly, Cosmos, and Chainlink this Week
- Why Crypto Prices Are Headed For a Giant Breakout if Reports From China Are Right
Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $5M Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by John Isige.
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