🪙 Recently, the price of $CFX surged significantly, which was triggered by the publication of news that:

#ConfluxNetwork , a level 1 Chinese blockchain, announced the launch of #Conflux 3.0 in August and revealed plans to help issue a stablecoin pegged to the offshore yuan, as China explores the possibility of issuing yuan-based stablecoins.

The news reads as "very vague, promising..." but let's remember that this is about China, where crypto has been gradually banned since 2013 and officially prohibited since 2021.

💰 Looking at the chart of #CFXUSDT , we see that the price cannot establish itself above $0.19, which means that one should be more cautious with longs.

📈 If the words from the news are confirmed by actions, then the price of $CFX will surely establish itself above $0.19, and then it will be safe to open long positions.

🐻 And if the desired outcome cannot be made real, then a correction to the zone of $0.085 - $0.105 may become a new reality.