Conflux (CFX) has recently recorded a significant price rise following a few days of bearish movements. According to data from CoinMarketCap, CFX has gained by 11.39% in the last 24 hours, emerging as the day’s top gainer. So what’s driving this price gain?
Bank of China Announces SIM Card NFC Payments, Sparks Excitement In The Conflux Community.
On July 10, The Bank of China announced it would be commencing the testing of SIM card-linked payments using the digital renminbi – known as digital yuan – starting from July 11- yesterday.
According to its statement, the state-owned bank claims to be conducting this program in collaboration with telecommunications giants China Telecom and China Unicom.
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The project aims to enable payments using a near-field communication protocol (NFC) and a technology known as “super SIM cards.” Basically, users will be able to process digital yuan payments by bringing their mobile phones in contact with designated payment terminals.
That 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 latest move by the Bank of China could boost the adoption of CFX in the future.
For context, the Conflux Network signed a partnership with China Telecom to develop a Blockchain-powered SIM card (BSIM) back in May 2023. Given this, it appears that some CFX fans believe the Conflux Network will play a significant role in the new SIM Card e-CNY payment system.
The excitement in the CFX community translated into positive price movement, with CFX surging by 11% this morning to hit a peak price of $0.2031. Prior to this price increase, CFX had seen its market price fall from $0.197 to as low as $0.175 over the last seven days.
At the time of writing, CFX is currently trading at $0.201 with a 0.20% loss in the last hour. However, the token’s trading volume has risen 135.79% and is valued at $75.4 million. With a market cap of $617.6 million, Conflux is ranked as the 67th biggest cryptocurrency on the market.
CFX Trading At $0.200 On The 4-Hour Chart | Source: CFXUSD Chart On inew.news
CFX Price Analysis And Prediction
Analyzing the CFX’s 4-Hour chart, the token appears to be headed for a resistance zone at $0.214. If the asset’s bullish momentum is sufficient to break through this zone, it could trade as high as $0.289, which marks its next support zone.
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However, an overwhelming bearish force at the $0.214 price zone will cause CFX to fall, retesting at the $0.171 support level. That said, it is important that long-term traders note that the CFX market is currently in a downward trend stretching as far back as March.