#retraces

Conflux Token (CFX) Retraces After 39% Gains In Seven Days

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Conflux (CFX), the token powering Conflux’s high throughput, Tree-Graph powered layer-1 blockchain, experienced a rollercoaster ride in a whirlwind of price fluctuations. Last week, it tumbled to a low of $0.20 per token, leaving observers on edge. However, it managed to climb back up over the course of the week, reaching a level of $0.330.

However, the token has faced a downward trajectory in the past four days, resulting in a decrease of over 19% in price. CoinMarketCap data shows that CFX has dipped around 2% in the last 24 hours. Despite this recent dip, optimistic projections for its future price persist.

Conflux price has retraced in the past 24 hours: source @coinmarketcap

While it may have encountered some setbacks, Conflux has remained one of the top performers in the past seven days, impressively gaining over 30% during this period. Maintaining a position above the key support level of $0.295, which aligns with the previous week’s high, provides some stability amidst the turbulence.

What’s Driving Conflux (CFX) Growth?

Conflux (CFX) has been making waves with its remarkable on-the-year gains of approximately 1,700%. Naturally, observers are curious about the role of whales in this upward surge, speculating whether they are driving the buying and pumping of the token. While it’s a possibility, we can’t say for certain.

The impressive performance of Conflux coincides with the optimism surrounding China’s renewed interest in cryptocurrencies. As the country seemingly shifts its stance towards the crypto industry, there are hopes that Conflux will reap the benefits. The project has been actively fostering partnerships with various regional enterprises, positioning itself as a potential frontrunner in meeting regulatory requirements.

Related Reading: XRP Emerges As Top Performing Crypto With 55% Surge – Messari Report

Among its notable partnerships, Conflux has joined forces with Little Red Book, often called China’s equivalent of Instagram. This collaboration opens up exciting opportunities as Little Red Book’s massive user base of 180 million individuals can now showcase Conflux-based non-fungible tokens (NFTs) on their profiles. Additionally, Conflux has forged a partnership with China Telecom, further enhancing its presence and potential within the Chinese market.

Conflux, China Telecom Introduce Blockchain SIM Card

Conflux Network and China Telecom have unveiled the world’s first Blockchain SIM (BSIM) card, a mobile user identification card based on blockchain technology. The BSIM card, resembling traditional SIM cards, is compatible with Android and iOS systems and offers significantly larger storage space and computing power than traditional SIM cards.

The BSIM card goes beyond standard communication functions by generating and storing users’ public and private keys within the card itself. By employing a “private key never leaves the card” approach for digital signatures enhances security and reduces the risk of malware or virus attacks on mobile terminals. Additionally, the card provides encrypted storage and key recovery features and integrates traditional U-shield functions, making it a highly secure Web3 user terminal entry solution.

Related Reading: Injective (INJ) Surges By 19% Following ‘Surprise’ NFT Announcement

This collaboration between Conflux Network and China Telecom showcases their innovation in merging blockchain technology with mobile user identification, introducing a robust and efficient solution for users in the ever-evolving digital landscape.

What Next For Conflux (CFX)?

As long as renowned cryptocurrencies like Bitcoin and Ethereum continue to thrive in the face of global banking system concerns, Conflux (CFX) might also benefit from these favorable market conditions. Additionally, the prospects of significant financial easing from central banks, including the Federal Reserve, could further bolster CFX’s performance.

Hong Kong’s recent decision to legalize certain cryptocurrency trades is a noteworthy development to monitor. This move is seen by many as a testing ground for potential crypto legalization on the mainland. Considering Conflux’s growing popularity and adoption in China, CFX stands to gain as a key beneficiary of this trend. The recent collaboration with a Chinese SIM card company further strengthens the optimism within the crypto community.

These factors collectively contribute to the positive outlook for CFX, as it rides the coattails of established cryptocurrencies, anticipates favorable monetary policies, and capitalizes on potential crypto legalization in China. At press time, Conflux was trading at $0.2962.

Conflux is trading below $0.3: source @tradingview

-Featured image from iStock.com, charts from CoinMarketCap and TradingView.com

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VET Price Retraces, But Sellers Should Short At These Levels

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The price momentum of VeChain (VET) registered a halt over the last 24 hours after the altcoin started to trade laterally. In the same time frame, the coin dipped 0.9%, which is minor meaning that VeChain was in consolidation.

The coin had picked up bullish momentum at the beginning of this year, but the bears could not sustain the price above the $0.021 mark. The technical outlook of VeChain still points towards bullishness. The altcoin was overvalued at the time of writing, which emphasizes that a price correction is on the way.

A price correction also presents a shorting opportunity for traders. The accumulation on the chart also noted a downtick, but despite the downtick, demand for VET was substantial. However, VET will soon lose its current price level if buyers continue to lose interest.

At the moment, VeChain has secured the $0.019 price level as its current support mark. Moving below the price above the mark will make VeChain come under the influence of bears again. The VET price is 92% lower than its all-time high secured in 2021.

VET Price Analysis: One-Day Chart

VeChain was priced at $0.0207 on the one-day chart | Source: VETUSD on TradingView

VeChain was trading at $0.0207 at the time of writing. The altcoin was trading within an upward parallel channel, which showed bullishness. However, VET traded outside the parallel chain over the past trading sessions.

As the coin moved outside of the parallel chain, the bulls failed to cross the $0.0212 price level, which acts as the current resistance price level for the coin. Local support for the coin stood at $0.020, and as VeChain depicted a correction, it is expected to fall below the $0.0193 level.

Both the $0.020 and the $0.0193 price levels can act as shorting levels for the coin. The amount of VeChain traded in the last session declined, which meant a slight fall in demand.

Technical Analysis

VeChain was still overvalued on the one-day chart | Source: VETUSD on TradingView

The altcoin was overvalued on the daily chart, and although demand for the coin registered a fall, the bulls were still hovering in the market. The Relative Strength Index was a few points below 80, indicating that the coin was under the influence of buyers.

With a price correction, VET can dip to $0.0193 before it starts to pick up momentum. On the same note, the VET price was above the 20-Simple Moving Average line (SMA), which meant that buyers were driving the price momentum in the market.

It was also above the 50-SMA line (yellow); however, another pull from the bears will drag VET below the 50-SMA line.

VeChain displayed buy signals on the one-day chart | Source: VETUSD on TradingView

Technical indicators continued to suggest that VET hasn’t lost its bullish steam. The Moving Average Convergence Divergence, which indicates price momentum and reversals, showed green signal bars.

Green signal bars are tied to a buy signal, but the recent bar was declining in strength, implying that traders should skip buying the asset right away. The Chaikin Money Flow was above the half-line and registered a fall; the capital inflows were far higher than capital outflows despite the fall.

Overall, the market remains on the bulls’ side, but VET has to stay above its crucial support line to keep the bears from returning.

Featured Image From UnSplash, Charts From TradingView.com

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