- Conflux price has jumped sharply in the past few days.
- The developers unveiled a blockchain sim card on Tuesday.
- The sim card is through the partnership with China Telecom.
Conflux price jumped sharply on Tuesday after the network made a major announcement about its ecosystem growth. The CFX coin jumped to a high of $0.3291, the highest point since May 4 of this year. It has jumped by more than 37% from the lowest level this year.
Conflux launches Blockchain Sim Card
Conflux price jumped sharply even as other cryptocurrencies like Bitcoin and Ethereum slumped. BTC retreated below $28,000 while Ethereum dropped to $1,815.
This divergence happened after the developers made a major news in its ecosystem growth. Conflux announced that it had launched its blockchain sim card through its collaboration with China Telecom, one of the biggest telecommunication companies in the world.
In a tweet, the company said that the BSIM looks like a standard sim card but packs about 10 to 20x the storage and processing power. It is also compatible with Android and iOS, the most popular smartphone operating systems in the world.
By leveraging the blockchain technology, the sim card generates and stores your private keys within the card and reduces cases of cyber attacks. The sim card will initially be trialed in Hong Kong, which has been welcoming to the blockchain. Once successful, it will then be rolled out internationally.
The latest Conflux news is important because of the scale of China Telecom, a company that has millions of customers in the country. It has over 391 million customers in China, where it competes with the likes of China Mobile and China Unicon among others.
Therefore, if it is successful, it could mean that more telcos could embrace the blockchain sim card technology. Also, it is worth noting that China Telecom operates in other 40 countries around the world where it could introduce the technology.
CFX price forecast
The CFX crypto price has jumped sharply this year, helped by its relationship with China Mobile. The coin jumped on Tuesday after the official announcement. As it rose, the coin jumped above the key resistance point at $0.2731, the lowest level on April 24.
CFX price also moved above the 25-day and 50-day exponential moving averages while the Relative Strength Index (RSI) has moved to the overbought level. Therefore, while the China Telecom news is important, I suspect that the coin will retreat as investors fade it. This could see it drop to the key support at $0.2731, which is ~13.50% below the current level.
