Conflux (CFX) Surges 28% Ahead of AxCNH Stablecoin Launch
Conflux #CFX has risen 28% to approximately $0.2439 following new product announcements. The key driver of this surge is Conflux's partnership with AnchorX and Eastcompeace Technology to launch the AxCNH offshore yuan stablecoin, set for pilot launches in Singapore and Malaysia on August 1. This initiative supports cross-border use under China's Belt and Road Initiative.
- 128% increase in CFX trading volume intraday, indicating positive market reception.
- Intraday high reached $0.278, breaking above the upper Bollinger Band, signaling potential bullish momentum.
- Bollinger Bands are trending upward, suggesting increased volatility and confirming breakout trends.
- If CFX maintains above the $0.17-$0.18 support level, it could aim for $0.30 resistance, with a further target of $0.34 if bullish momentum persists.
- A drop below the 20-day MA at $0.14 may negate this bullish forecast.
The price rally in Conflux could influence demand for the Solaxy presale, as profit rotation might direct attention toward new projects amid growing interest in the altcoin market.