- Conflux price has soared by ~2,038% from the year-to-date low.
- The developers recently partnered with XCMG, a leading machinery manufacturer.
Conflux price continued its bullish trend as the network continued growing and making partnerships. CFX jumped to a high of $0.4385, which was the highest point since March 20. It has risen by 35% from the lowest point this week. In all, it has been one of the top-performing cryptocurrencies this year, having risen by ~2,038% from the lowest point this year.
Conflux partnerships continue
Comflux is a fast-growing Chinese blockchain project that uses a hybrid of a proof-of-work (PoW) and proof-of-stake (PoS) technology.
The platform became popular earlier this year when it partnered with China Telecom, the leading telecommunication company in the country. It has over 372 million customers in the country.
China Telecom adopted Conflux as its main blockchain which will help it provide solutions. Precisely, it will use it to build blockchain-enabled sim cards.
The most recent Conflux news was that the network was selected by XCMG Construction Machinery, the world’s third-biggest construction machinery manufacturers. This partnership will see the company use Conflux to develop potential use cases for blockchain and Web3. In a statement, the company’s vice president of machinery said:
“The partnership between XCMG, Conflux, and Zen Spark Technology Pte Ltd is a significant milestone in the development of blockchain technology and its application in traditional industries.”
Conflux has also partnered with several other companies in the past few months. For example, the network partnered with Foresight Ventures to present at the upcoming hacker house event at Hong Kong’s Blockchain work.
Further, Conflux recently launched the v2.2.3 test net upgrade. The new version will have several upgrades like big fixes, RPC changes, and improvements.
CFX price has also jumped in line with the performance of other cryptocurrencies. Bitcoin is sitting at its highest point this year while the total market cap of all coins has jumped to over $1.2 trillion. Additionally, the total value locked (TVL) in Conflux DeFi ecosystem has jumped to $29 million.
Conflux price prediction
In my last CFX crypto forecast, I noted that the coin would have a bullish breakout. This view was right considering that the coin has jumped by 54% since then. The coin has moved above the important resistance point at $0.3664, the highest point on February 21. It is also being supported by the 25-day and 50-day moving averages.
Therefore, Conflux price will likely continue rising as buyers target the year-to-date high of $0.4860, which is about 17% above the current level. A move above that level will signal that there are still more buyers in the market.
