The price of Conflux (CFX) experienced a significant 40% surge driven by a combination of market dynamics and technical indicators. This article explores the reasons behind this rise and what lies ahead for CFX.
Overview of CFX Surge
The recent price jump of CFX caught investors and market participants by surprise. In just a few hours, the price surged by 40%, marking one of the most explosive breakouts in recent quarters.
Factors Driving the Surge
The price increase was fueled by a combination of technical and organizational factors. Notably, a short squeeze occurred, forcing short-sellers to cover positions, with over $1 million in short positions liquidated. Additionally, the Conflux Ecosystem Conference in Shanghai revealed major updates for Conflux 3.0, including a throughput increase to 15,000 TPS and plans for real asset integration.
Forecasts and Technical Analysis
From a technical perspective, CFX has completed a breakout above the $0.10 resistance and is showing bullish signals. Next resistance levels are at $0.21 and $0.235. If the price holds above $0.18, further growth to $0.28 is possible. However, if it fails to hold above $0.145, a correction to the $0.12 range could occur.
The surge in Conflux (CFX) price resulted from a complex interplay of market and technical factors. Investors will closely monitor developments in the coming weeks to determine their next moves.
