CFX price rally 293%, Conflux to build blockchain-based Sim cards
- Conflux Network will build blockchain-based Sim cards with China Telecom
- China telecom will launch the first BSIM pilot program in HongKong this year
- CFX Coin Price Soars 293% Month-to-Month Showing Signs of a Bullish Trend Reversal
Conflux Network (CFX) prices are trading with bullish signals and bulls trying to break out of the supply zone to regain the confidence of their long-term investors. Recently, Conflux tweeted about their partnership with China Telecom to build Blockchain-based Sim Card (BSIM) that will manage and store users’ public and private keys on the card and perform digital signatures in a way that keeps private keys from leaving the card. The BSIM card can also allow encrypted storage and key retrieval.
This move by Conflux Network was appreciated by the market participant and the prices increased by 293% on monthly basis. Currently, CFX/USDT trading at $0.2545 with an intraday gain of 12.46% and 24-hour volume to market cap of 1.1106
The CFX price will get the benefit of early movement in BSIM
Conflux Network (CFX) crypto prices seem to have woken up from their sleepy mode and are showing signs of bullish trend reversal due to partnership with giant China Telecom to build Blockchain based SIM cards.
From last 8 months, CFX prices have been in downtrend and sliding down by forming lower swing lows and hitting a yearly low of $0.0215, but fortunately, market sentiment improved in mid-January and prices took the u-turn from that the lower zone which has created hope for its investors and bulls managed to regain the 50 day EMA. Later, after consolidating for a few days, CFX prices have broken out of the higher area with a giant bullish candle and prices shot up 166% in a short period of time.
Meanwhile, CFX has shown a golden EMA crossover indicating that the positional trend has turned in the direction of bulls and prices are likely to hold the current levels. However, prices are close to the $0.2500 supply zone which will act as immediate resistance for the bulls and if buyers managed to break the $0.2500 level, prices could rise towards the $0.3000 mark
CFX has also witnessed a massive increase in buying volume and price also following the same direction shows that some genuine buyers have taken long positions and expect better results in the coming months. The technical indicators of CFX such as MACD had generated a positive crossover indicating bullishness to continue for some time while RSI at 81 indicates overbought zone which may trigger minor selling from the higher levels.
Summary
Conflux Network (CFX) prices skyrocketed as the market became aware of the recent collaboration between CFX and China Telecom, which has completely changed course direction, and investors seem to be very positive. The technical analysis suggests that prices are overextended and are expected to enter consolidation before deciding on the further direction.
Technical levels
Resistance levels: $0.2494 and $0.3000
Support levels: $0.1500 and $0.0864
Disclaimer
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
