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Conflux’s fall over the past month has raised speculation in the market. Many experts project further price loss, while others expect an uptick over time.
Notably, during the general crypto market fall on August 17, the coin dropped to the $0.15 level and has been dwindling from this price level. Since the start of September, Conflux has recorded a few rallies in the short period despite sitting at the $0.12 price level.
Today, September 6, at 5:12 a.m. EST, CFX is trading at $0.1271, with a 2% increase in the last 24 hours. While several factors suggest a further loss in the short term, CFX’s recent performance and growth potential could strengthen bullish sentiment and drive the price upwards in the long run.
Binance’s Support for CFX’s Upcoming Hard Fork Upgrade Could Trigger Price Rally
Conflux (CFX) is set to undergo a significant hard fork upgrade on September 7, 2023. Binance announced backing for the network upgrade, intending to manage all technical aspects for users holding CFX in their accounts.
To facilitate this transition, deposits and withdrawals of CFX tokens on Binance will be temporarily suspended starting September 7 at 4:00 p.m. (UTC). Hard forks are often used to implement significant upgrades and improvements to a blockchain’s functionality.
If the Conflux hard fork brings new features, improved scalability, or enhanced security, it can attract more users, developers, and projects to the network. This increased activity can positively impact the demand for CFX tokens.
One of the largest and most influential cryptocurrency exchanges, Binance, has announced support for the Conflux network upgrade. This support and endorsement from a major exchange can generate positive sentiment around CFX, potentially leading to increased trading volumes and price appreciation.
Again, news of a significant network upgrade can attract speculative traders looking to profit from price volatility. As the hard fork date approaches, traders may buy CFX in anticipation of positive price movement, which can drive up the price in the short term.
Conflux CFX’s MACD Remains Positive Amid Strong Bearish Market Trend – More Red Candles or an Uptick?
CFX’s daily chart above shows a red candle stick formation, which indicates an increase in selling pressure today. As a result, the coin is likely to drop further before today ends.
The 50-day and 200-day Simple Moving Average (SMA) is above the coin, showing the strong bearish market trend on CFX’s price.
Also, the coin’s Relative Strength Index (RSI) is at 41.34, moving downward. This reflects the increasing selling activities, which means CFX could drop toward its critical support at $0.1185 in the coming days.
Conversely, the coin’s Moving Average Convergence Divergence is bullish with green bold histogram bars. Given this strong bullish momentum supporting CFX’s price, it could also commence a rally in the coming days, contradicting its price’s negative speculations.
According to the chart above, CFX has resistance at $0.1375 and support at $0.1185. These levels are historical points where sellers and buyers enter significant trades.
So, if CFX continues downward to this support level, buyers may enter the market, triggering a consequential price bounce. As such, CFX will recover from the fall, upholding an upward trajectory toward the resistance at $0.1375. The coin could surge to $0.14 and beyond if it breaks above this resistance.
While these speculations are yet to manifest, investors and traders can diversify their crypto investment portfolio with this new Bitcoin BSC token for massive staking rewards.
Bitcoin BSC -New Stake-to-earn Project Perfect Alternative to CFX
Bitcoin BSC (BTCBSC) offers a compelling proposition for those looking to diversify their cryptocurrency holdings.
One of its primary attractions is its proof-of-stake consensus mechanism, which enables BTCBSC to operate with significantly lower transaction fees and faster confirmation times than Bitcoin.
Transactions cost around $0.10 and are confirmed in less than 5 seconds, making it an attractive option for those frustrated by slow and costly transactions.
BTCBSC’s integration with the Binance Smart Chain (BSC) is another distinguishing feature. This integration enables support for smart contracts, opening the door to decentralized applications and the potential for DeFi services.
https://twitter.com/Bitcoinbsctoken/status/1699331677477032181
Moreover, the project’s staking rewards system offers a way to earn a yield on your investment, with an annual percentage yield (APY) of approximately 8-10%.
BTCBSC presents an intriguing investment option with improved transaction efficiency, integration with the BSC for DeFi opportunities, and a staking system that offers recurring income and a hedge against post-launch volatility.
Newly-Commenced Presale Hits Significant Milestone in a Short Period
Bitcoin BSC’s token presale went live recently and is already drawing attraction in a short period. According to the presale widget, $BTCBSC has raised over $24,600 from its $3.96 million target.
This increasing interest in the project and its revolutionary attributes show its potential to spike.
As such, those interested can join while the presale lasts. Selling at a standard price of $0.99, investors and traders can swap their USDT, BNB, or ETH for $BTCBSC.
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