- Conflux surges 42% amid yuan-backed stablecoin and Conflux 3.0 upgrade buzz
- Trading volume jumps 320%, signaling strong investor interest and breakout strength
- RSI and MACD confirm bullish momentum but warn of potential short-term correction
Conflux (CFX) has captured the market’s attention with a powerful surge of nearly 42% in the last 24 hours. This dramatic move is driven by two major catalysts: the announcement of a new yuan-backed stablecoin and growing excitement around the upcoming Conflux 3.0 network upgrade.
This investor enthusiasm pushed the token to an intraday peak of $0.28 before it stabilized near $0.266. The bullish breakout is confirmed by technical indicators, which show rising momentum.
A 320% volume spike confirms CFX bullish breakout
The recent rally began at around $0.1873, which served as a firm intraday support level. From there, CFX entered a phase of mild consolidation before sharply breaking out.
During the breakout, trading volume soared to $619.1 million, an increase of over 320% in just 24 hours. This spike suggests that the rally is not a fluke but rather driven by legitimate market interest and speculation surrounding upcoming developments.
Notably, Conflux’s market cap also jumped by 41.72%, reaching $1.36 billion. Such a significant rise in market capitalization within a single day points to robust investor demand. With momentum pushing forward, resistance now sits near $0.28. A move above that could set the path toward the psychological barrier of $0.30.
Technical Indicators Signal Overheating Yet Strong Momentum
While the price action appears bullish, some indicators suggest caution in the short term. The Relative Strength Index (RSI) currently sits at 82.04, well above the traditional overbought threshold of 70.
Typically, such high readings hint at the possibility of short-term corrections or profit-taking. However, in strong bull markets, RSI can stay elevated for extended periods.
Additionally, the Moving Average Convergence Divergence (MACD) tells a positive story. With the MACD line at 0.00834 and a signal line at 0.02657, the histogram remains in the green. This widening gap indicates strong bullish momentum, suggesting the trend may continue despite being overbought.
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