$CFX 📌 Here are the current key catalysts for currency #CFX
CFX has surged over 14% over the weekend, outperforming the CoinDesk 20 index which recorded a growth of only 4%.
This increase was driven by news of an upcoming stablecoin backed by the yuan outside of mainland China, along with the anticipated Conflux 3.0 upgrade expected in September.
📊 Technical performance and price analysis
The currency has seen a technical increase of about 255% over 30 days, rising from around $0.07 to a peak near $0.27, supported by a strong increase in trading volume and the emergence of a bullish signal in MACD.
The price is trading between resistance levels at $0.218–$0.23. It broke out of a tight technical triangle suggesting the potential for a price explosion to the upside, but there is a risk of a false breakout towards $0.18 before moving back up.
✅ Quick summary
The post-recent surge condition indicates a price consolidation around the $0.22–$0.23 level. Continued momentum depends on the price's ability to surpass the $0.23 resistance and maintain technical stability above it.
If the price rises above $0.23 to $0.24, it may open the way towards levels of $0.27–$0.30. However, if it falls below $0.21–$0.20, it may return to test the support triangle base at **$0.18**.
