Conflux price formed a God candle on Sunday, making it one of the best-performing cryptocurrencies. CFX token jumped to a high of $0.1810, up by over 80% from a day earlier and 210% from its lowest point this year.
Why CFX Price Surged
The Conflux price surged in a high-volume environment, with its 24-hour trading volume soaring to $605 million. It was one of the most heavily traded tokens on Sunday.
The surge occurred after the three-day Conflux Technology & Ecosystem Conference concluded in Shanghai. This event provided more details on the potential of its network in areas such as real-world asset (RWA) tokenization and decentralization.
Most importantly, developers are considering a digital offshore RMB stablecoin that may help internationalize the Chinese currency. This is notable because stablecoins are among the biggest use cases for blockchain technology.
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Stablecoins are currently worth over $250 billion, and studies estimate that the industry will be worth between $1.6 trillion and $3 trillion by 2030. The US dollar will likely dominate this growth, with Tether holding a significant market share in the industry.
The CFX price also jumped as its developers discussed the upcoming Conflux 3.0 upgrade, scheduled for August. Also known as the Tree-Graph upgrade, the upgrade will introduce the concept of parallel processing of blocks and transactions, boosting its throughput to over 15,000 transactions per second.
Conflux 3.0 will also support on-chain invocation of AI agents by developers. This is notable since the AI industry is one of the fastest-growing technologies today.
Further, as mentioned, the new upgrade will help to facilitate cross-border trade through stablecoins. Other features are its support for RWA and Web3 development.
Conflux Price Technical Analysis
The daily chart shows that the CFX token formed a double-bottom pattern at $0.0628 and has now moved above the neckline at $0.1075. A double bottom is one of the most bullish chart patterns.
The token formed a God candle as the excitement of Conflux 3.0 started. It even moved above the 61.8% Fibonacci Retracement level.
The Conflux price has moved much higher than all moving averages, while all oscillators have moved to the overbought level.
Therefore, the most likely scenario when a token forms a God candle is where it suffers a major reversal. If this happens, the next point to watch will be at $0.1430, the 38.2% Fibonacci Retracement level.
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