Based on data from Coinmarketcap, the market value of the public chain project #Conflux has exceeded $1.2 billion, establishing a record high, reaching $1,203,186,715 to date and becoming one of the "crypto unicorns".

Since its price climbed by more than 150% throughout this period, the #CFX token has been the most profitable #crypto asset of the week from CoinMarketCap's top 100. The token is currently trading at $0.45, up 12.97% in the last 24 hours.

The Conflux Network project intends to optimize blocks at the same time or to fulfill each node's processing capacity of up to 3,500 TPS. Furthermore, as compared to PoW or PoS projects, Conflux's technology can confirm a block in 23 seconds, lowering transaction fees.

Conflux is a public blockchain platform with the highest TPS (transactions per second) while maintaining system decentralization and network security. This project is the product of a unique and advanced algorithm being combined with a revolutionary and inventive structure, the Tree Graph (TG).

The concept launched earlier this year after combining with China's Instagram partner, Xiaohongshu.

Conflux was founded in 2018 and raised $35 million in a private token sale from major Chinese investors such as private equity company Huobi Group, Sequoia China, Shunwei Capital, and Rong360. As per historical data, Conflux's market value is just approximately $50 million at the start of 2023.

It then formed collaborations with Xiaohongshu, McDonald's, and China Telecom, and its market valuation soared by over 2300% year on year.

Total Crypto Market Cap (TOTALCAP) and #bitcoin (BTC) both formed long-term bullish engulfing candlestick patterns. #Conflux (CFX) hit a new all-time high.

In the headlines, former Coinbase CTO Balaji Srinivasan wagered $2 million against social democrat James Medlock on the price of Bitcoin reaching $1 million in 90 days.

TOTALCAP (Crypto Market Cap) Looks For Support

This week, the Crypto Market Cap (TOTALCAP) formed a #Bullish engulfing candlestick, strongly breaking above the $1.04 trillion horizontal region, which is now projected to provide support.

It is worth noting, however, that the price has not risen above it since the August 2022 highs (red line). If it does, it may rise to the next barrier level of $1.30 trillion. The RSI, which has risen above 50, backs this up.

If the trend reverses, the price might fall back to around $1.04 trillion.

Bitcoin (BTC) Retains Ground

Last week, the Bitcoin price formed a bullish engulfing candlestick. This validated the break and retest of a long-term declining resistance line. Also, the RSI rose above 50.

If the Bitcoin price rises, it may reach the next barrier level at $30,500. The RSI movement and the continued breakout support this possibility. If the surge loses steam, #BTC might go back to the $23,000 support level.

Conflux (CFX) Hits A New Year's High

Since the beginning of the year, the CFX price has risen. Following a decline that began on February 21, the price recovered and achieved a new yearly high of $0.488 on March 19.

The daily RSI, on the other hand, has generated strong negative divergence, which could lead to a bearish reversal. If this happens, the CFX price could drop to $0.150.

If the rally continues, the #CFX price might reach the next Fib resistance level around $0.515.

#Chinese #cryptocurrency coins appear to be preparing for another significant rally as a result of China taking positive steps to promote a quicker recovery in the country's economy.

Despite its complete ban on digital assets in late 2021, China hasn't been very friendly to cryptocurrencies. Nonetheless, several Chinese cryptocurrency coins saw a huge uptick in value back in February of this year. Although the nation's central bank is presently advocating for a speedier recovery from the pandemic-caused depression, it's possible that a similar surge may materialize in the upcoming days.

Central Bank Advances Recovery Initiatives

For the first time this year, the People's Bank of China (PBOC) said on Friday that it will lower the amount of money that banks must keep in reserves, also referred to as the bank's reserve ratio. This action is being taken to promote a developing economic recovery and help maintain adequate liquidity.

The reserve requirement ratio (RRR) for all banks will be decreased by 25 basis points (bps) starting on March 27. This was announced by the central bank. However, banks that have previously implemented a reserve ratio of 5% are exempt from this reduction.

China's Adapting Position On Crypto

Despite the unproven assumption that China opposes crypto, subsequent events have shown that this is untrue. Officials from China's Liaison Office seem to be curious about how Hong Kong is doing with cryptocurrencies. As per reports, these officials are researching the nation's policy regarding digital assets, which many people think is a net plus for the sector.

Governments are not the only ones experimenting with Web3 technology and the use of cryptocurrency; private businesses are also doing so on the Chinese mainland. For instance, China Telecom has been working with significant cryptocurrency companies to create SIM cards based on blockchain technology.

All of these factors are coming together to help create a good perception of the cryptos that are associated with the "China narrative," in addition to the proactive steps the central bank has done to facilitate a quicker recovery.

Chinese Crypto Currencies To Rise

Some popular Chinese cryptocurrencies have already had huge price increases in recent months, with #Conflux seeing a surge of around 124% over the previous week.

As the China narrative acquires more traction in the coming days, #NEO another well-known Layer-1 blockchain in China, might see modest gains. NEO's price increased significantly today; it is now trading close to the $12 mark with a market valuation of about $844 million.

Other notable Chinese crypto coins with the potential to increase in value in the near future include VeChain, Polkadot, IOST, and Filecoin. The price of Bitcoin has already surged beyond the coveted $26,000 barrier, adding further positive impetus to the rise and fostering bullish enthusiasm for the entire crypto industry.

Top Losers in the Crypto Market: FLOW, Solana, Linear, and Conflux

The crypto market experienced a significant downturn this week, with several cryptocurrencies witnessing substantial price declines. In this detailed report, we analyze the top losers in the crypto market— $FLOW #Solana Linear, and #Conflux

We delve into the factors contributing to their price setbacks, examine technical indicators, and provide insights for investors and traders.

#FLOW (FLOW): FLOW, the top price loser, faced a steep decline of approximately 45% last week. The token has been in a prolonged and significant downtrend, lacking clear support levels. The potential for a further decline towards zero remains significant. Notably, the histogram of the Moving Average Convergence Divergence (MACD) has consistently declined in a bearish manner for several weeks, indicating a strong downward trend. Additionally, the MACD lines are on the verge of a bearish crossover. However, there is a glimmer of hope as the Relative Strength Index (RSI) could potentially demonstrate a bullish divergence, suggesting the possibility of an upward movement.

Solana (SOL): Solana, the second-largest loser, experienced a substantial decline of around 42% in its price last week. The token retraced back to the golden ratio support level at approximately $15. If this support level fails to hold, the next significant support for Solana can be found within the range of approximately $8 to $11. Similar to FLOW, the MACD histogram has been consistently declining in a bearish manner over the past few weeks, indicating a strong downward trend. The MACD lines are also on the verge of a bearish crossover. The RSI does not provide clear bullish or bearish signals. Notable Fibonacci resistance is already present at around $16.4.

Linear (LINA): Linear ( #LINA ) experienced the third-largest price decline, suffering a drop of approximately 42%. However, there has been a subsequent recovery as the price reached the 50-week Exponential Moving Average (EMA), acting as a resistance level. On the weekly chart, the MACD lines remain crossed in a bullish manner, although the MACD histogram has been declining bearishly since last week. LINA is approaching the next significant Fibonacci resistance level at around $0.024, which it could reach if the price breaks above the 50-week EMA at approximately $0.0133.

Conflux (CFX): Conflux (CFX) witnessed a decline of approximately 38% last week, with the price currently resting on the golden ratio support level at around $0.19. If this support level fails to hold, there is a risk of a significant price plunge. The weekly chart shows a bearish crossover in the MACD lines, and the MACD histogram has been declining in a bearish manner for several weeks, indicating prevailing bearish sentiment. Investors should closely monitor these technical indicators for potential market shifts.

Conclusion: The recent downturn in the crypto market impacted several prominent cryptocurrencies, including FLOW, Solana, Linear, and Conflux. The analysis of technical indicators, such as MACD histograms, MACD crossovers, Fibonacci levels, and the RSI, provides insights into the market sentiment for these tokens. Investors and traders should exercise caution and consider these factors when making investment decisions in the cryptocurrency market.

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