- Conflux price went vertical as the number of users rose.
- The coin has soared by over 1,285% from its 2022 low.
- CFX has gotten extremely overbought.
Cryptocurrency prices are doing well. On Sunday, Bitcoin surged to $25,000 for the first time in months. Ethereum is sitting comfortably above $1,600 while coins like Alchemy Pay have more than doubled this year.
Yet, a small cryptocurrency most people have never heard about is beating most coins. Conflux price surged to a high of $0.3251, which was about 1,285% above the lowest point this year. Its market cap has surged to over $807 million.
What is Conflux?
Conflux is a cryptocurrency that most people have never heard about. It describes itself as the only regulatory-compliant public blockchain in China. Its goal is to help create a borderless transactional and technological ecosystem for crypto projects globally.
Conflux is a proof-of-work network that makes it possible for developers to build quality apps in its ecosystem. These developers use Reach, a popular programing language for the internet.
According to its website, Conflux’s ecosystem is growing. Some of the top dApps in its ecosystem are Injective, Sacred, Phantom, and QCAD among others.
Read more: How to buy Ethereum.
CFX price rose after China Telecom partnered with Conflux to offer blockchain-enabled cards. This is notable since the company has over 390 million customers. In addition, Binance launched Conflux futures in its platform.
Meanwhile, On-chain data shows that the number of transaction in its network have risen from the lowest point this month. It handled about 38k transactions on Sunday, higher than this month’s low of over 25k.
At the same time, the ongoing rebound has pushed more people to its network. The number of account growth in the ecosystem has grown to over 3k, the highest level since January 30th. Most of these gains have happened since last week as shown below.
Another possible for the CFX price rally is the exciting staking rewards in the network. It has an APY of 15.8%, which is significantly higher than what government bonds are yielding. There are now over 193 million staked CFX.
Conflux crypto price forecast
On the daily chart, we see that the CFX crypto price has been in a strong bullish trend in the past few days. The coin managed to jump above the important resistance point at $0.085, the highest point since February 3. It has jumped above all moving averages while the Relative Strength Index (RSI) has moved to the extreme overbought level.
Therefore, I suspect that the Conflux coin will pullback in the coming days. If this happens, it will retest the psychological level at $0.15 and then resume the bullish trend.
