Over the past 24 hours, CFX has seen a massive price surge, up more than 35% to $0.150583. This sharp price rise appears to be driven by positive sentiment across the cryptocurrency market. As BTC prices rise, some traders may have turned their attention to altcoins such as CFX. #CFX
CFX token has been showing great performance in the cryptocurrency market recently, and the token has close ties with the Chinese blockchain community. Conflux is one of the few public, permissionless blockchain networks in China. According to technical analysis, CFX token has been stuck in a falling wedge pattern on the 4-hour chart for several weeks, but recently managed to break out of the pattern, accompanied by strong bullish trading volume.
Analysts pointed out that this breakout is a sign that CFX tokens are expected to rise further. One analyst set a short-term price target of 200% from current levels. This shows that traders are confident that Conflux will be a leader in the new round of cryptocurrency market rebound. However, it should be emphasized that the cryptocurrency market is highly volatile and prices fluctuate greatly, so investors should make decisions carefully and have a deep understanding of the project and market background.
Conflux Network is a public blockchain network created in 2018 by Dr. Yao Qizhi, a famous Chinese computer scientist. The network targets dApps, e-commerce, and Web 3.0 infrastructure. It uses a hybrid format, a tree graph structure, can process multiple blocks simultaneously, and adopts a PoW consensus mechanism.
CFX tokens have multiple uses in the Conflux network, including paying transaction fees and ensuring the security of the network through staking. CFX is a hard-capped scarce asset, and each CFX contains 10^18 drops. The transaction method on Conflux is similar to the ETH network, and CFX plays a similar role to ETH.
