Conflux (CFX) recently registered a significant price increase after a few days of bearish moves. According to data from CoinMarketCap, CFX is up 11.39% in the last 24 hours to become the top winner of the day. So what’s driving this price gain?
Bank of China Announces SIM Card NFC Payments, Arouses Excitement in Conflux Community.
On July 10, the Bank of China announced it would begin testing SIM card-linked payments using the digital renminbi — known as digital yuan — starting July 11 yesterday.
According to its statement, the state-owned bank claims to be running this program in partnership with telecommunications giants China Telecom and China Unicom.
Related reading: Conflux (CFX) loses 16% despite $18 million investment from DWF Labs
The project aims to enable payments using a Near Field Communication Protocol (NFC) and a technology known as ‘super SIM cards’. Basically, users can process digital yuan payments by connecting their mobile phones to designated payment terminals.
That being said, following the emergence of this news in mainstream social media today, there has been a wave of excitement in the CFX community, with some hinting that the Bank of China’s latest move could boost CFX adoption in the future. can stimulate.
For context, in May 2023, the Conflux Network signed a partnership with China Telecom to develop a Blockchain-powered SIM card (BSIM). Given this, it seems that some CFX fans believe that the Conflux Network will play an important role in the new SIM Card e-CNY payment system.
The excitement in the CFX community translated into positive price movement, with CFX rising 11% this morning to reach a peak price of $0.2031. Prior to this price increase, CFX had seen its market price fall from $0.197 to just $0.175 over the past seven days.
At the time of writing, CFX is currently trading at USD 0.201 with a loss of 0.20% in the last hour. However, the token’s trading volume is up 135.79% and is valued at $75.4 million. With a market cap of $617.6 million, Conflux is ranked as the 67th largest cryptocurrency in the market.
CFX Trading At $0.200 On The 4-Hour Chart | Source: CFXUSD Chart On Tradingview.com
CFX price analysis and prediction
Analyzing the CFX’s 4-hour chart, the token appears to be moving towards a resistance zone of $0.214. If the asset’s bullish momentum is enough to break through this zone, it could trade as low as $0.289, marking the next support zone.
Related reading: Conflux claims its place among top altcoins as CFX price skyrockets 46%
However, overwhelming bearish strength in the $0.214 price zone will cause CFX to drop and retest at the $0.171 support level. That said, it is important for long-term traders to note that the CFX market is currently in a downtrend that extends into March.
Featured image of Conflux Network, chart from Tradingview.
