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The Conflux price trades at $0.2153 with a bearish bias as bears try to undo the recent gains displayed by the token. CFX is up 366% over the past 6 days and 25% in the last 24 hours. Its 24-hour trading volume has increased by 108% to $538 million, pointing to increasing trader interest in the token. With a live market cap of $445 million, the Conflux token is at #94 according to the CoinMarketCap ranking.
The recent uptrend in the Conflux price is attributed to the recent news that China Telecom was planning to build “blockchain-enabled SIM” (BSIM) cards on the proof-of-work (PoW)/Proof-of-stake (PoS) hybrid blockchain.
The Web3 product will be the largest blockchain hardware product ever seen globally, involving the most users and applications.
China Telecom will launch the first BSIM pilot program in Hong Kong later this year. pic.twitter.com/ucp8ZgoeUk
— Conflux Network Official (@Conflux_Network) February 15, 2023
Conflux Network is the only crypto company operating with the blessing of the Chinese government after the country put a blanket ban on all crypto products back in 2021. Conflux’s partnership with China’s second-largest wireless carrier China Telecom to build a BSIM means that the protocol’s Tree-graph, dual PoS and PoW technology will be integrated into the new SIM Cards, “enabling the highest system performance for any blockchain in the world.”
According to Conflux, BSIM “will be the largest blockchain hardware product ever seen globally, involving the most users and applications.” The blockchain company also said:
With this initiative, we’re looking forward to lowering the barriers to entry for Web3 and the Metaverse.
China Telecom will launch the first BSIM pilot program in Hong Kong later this year. Providing more details in an advertisement video, Conflux said the the BSIM card will manage and store a user’s blockchain private keys and digital assets, acting as “a safer, more efficient, and more compliant entrance to the Metaverse.”
The BSIM card will manage and store the user's public and private keys in the card and carry out digital signatures in a way that the private key does not exit the card.
The BSIM card can also allow encrypted storage, key retrieval, and other operations.
— Conflux Network Official (@Conflux_Network) February 15, 2023
Conflux, a layer 1 blockchain, has collaborated with a number of global brands and government entities on blockchain and metaverse initiatives in the vast East Asian country.
Conflux native token CFX has maintained its bullish rating days after the announcement of the BSIM partnership with China Telecom.
Key Levels To Watch As Conflux Price Trades At $0.2153
CFX has gone ballistic with 366% gains bouncing off the $0.05 support wall on February 14 to hit a high of about $0.24 on Sunday. This rally, however, appears to be running out of steam as the Conflux price retraces from the aforementioned level, just as it happened in January and March 2022.
At the time of writing, the CFX price traded at $0.2153 with a bearish bias, 9.5% below the aforementioned swing high. The Relative Strength Index (RSI) was tipping down and its position at 85 painted extremely overbought conditions for the Conflux price. This implied that the buyers may be exhausted, allowing the sellers to take over as profit booking begins.
Therefore, selling pressure from the $0.24 level provided by the 100% Fibonacci retracement level would pull the price lower. The first line of defense would emerge from the $0.20 psychological level, embraced by the 78.6% Fibonacci retracement level. Additional support may be found at the $0.18 buyer congestion zone and then the 50% extension level at $0.1453. Below that, the altcoin may drop further to tag the $0.095 psychological level, where the 23.6% retracement level sits.
In highly bearish cases, the Conflux price may retrace further to seek solace from a buyer congestion zone stretching from $0.05 to $0.08. Market participants could expect CFX to spend a few days within this range before kick-starting another uptrend.
CFX/USD Daily Chart
On the upside, a daily candlestick close above the immediate resistance level at $0.24 would clear the path for an extended uptrend. The first barrier would emerge from the 123.6% Fibonacci retracement level at $0.2851, the $0.30 psychological level, and then the 150% extension level at $0.3353. Above that, the altcoin may rise to tag the $0.35 psychological level, marking a 61% uptick from the current price.
Promising Alternatives To CFX
Those seeking to buy CFX would have to wait for a decisive close above the $0.24 local high and the $0.25 resistance level before placing their long bets. While waiting for this to happen, investors may wish to invest in new cryptos currently in presale with a low risk-reward ratio.
One such token is METRO, the native token of the Metropoly ecosystem, the world’s first NFT marketplace for real estate backed by physical properties. This project is set to bring innovations in the real estate industry with its unique features such as fractional ownership, real-time analytics, and instant liquidity.
Metropoly is facilitating and transforming the
global crypto and real estate industries. We value both your time and money. 💲 🕰️Join the presale now and unlock the exclusive real estate experience 🔑 https://t.co/F29R7SqZRJ#metropoly #realestate #crypto #nft pic.twitter.com/GyCwdO8TeO
— METROPOLY CUSTOMER SUPPORT (@metropoly_cs) January 20, 2023
METRO is currently in presale with over $521,000 already raised. Note that the token’s price will steadily rise as the nine stages of sale are completed.
Visit Metropoly here to buy today before prices go up.
Read More:
- Solana is the best-performing crypto of 2023, but Metropoly is set to beat it
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