Key Insights
- Conflux Network, dubbed the “Chinese Ethereum,” partnered with BlockBooster, boosting its token (CFX) by 10% and hinting at future web3 expansion.
- CFX price formed a potential “cup and handle” pattern, suggesting possible further gains towards the $0.5 resistance level.
- A sustained bullish momentum could drive CFX up 100% from current prices, reclaiming the March 2023 high.
- However, while short-term optimism is high, long-term price movement depends on the partnership’s impact
Conflux Network, sometimes referred to as the “Chinese ehereum”, because of its claims to be the only blockchain that complies with Chinese regulations, has just crossed a huge milestone.
According to a recent announcement, Conflux has now partnered with BlockBooster, an Asian venture studio with a focus on web3 projects.
Per Conflux’s announcement, this partnership is expected to be a major step towards massive innovation within the Conflux ecosystem and supporting its builders with resources and opportunities.
CFX Token Rises on Partnership News
A group of computer scientists from Tsinghua University and the University of Toronto created the Conflux Network in 2018.
Because of its similarity to the Ethereum network in terms of smart contract functionality and compatibility, Conflux is more than often referred to as the “Chinese Ethereum.”
Moreover, Conflux Network also claims that it is faster, more secure, and more compliant with regulations than Ethereum. It has also received partnerships and investments from notable investors like Sequoia China, Huobi, Baidu, Chainlink, Band Protocol, MoonSwap, and the Shanghai government.
According to a recent tweet, Conflux announced that it had entered a strategic partnership with BlockBooster.
The price of CFX, the native cryptocurrency of the Conflux network erupted upwards at the news, gaining as much as 10% on the daily timeframe, according to data from CoinMarketCap.
It turns out that BlockBooster (which has also backed several other projects like Polkadot, Chainlink, and The Graph) will be working on helping Conflux identify major web3 opportunities and events for Conflux builders, meaning that we will be seeing a lot more of this “Chinese Ethereum” in the months to come.
Conflux In Terms Of Price
According to data from CoinMarketCap, Conflux has normalized to around an 8% gain over the last day, after gaining 10% in the last 24 hours.
Over the last week, the cryptocurrency is also up by around 35%, indicating that the influence of the partnership with BlockBooster is starting to shine through.
The cryptocurrency’s trading volumes have also been up over the last day, by around 44%, along with a 10% rise in market cap to around $890 million at the time of writing.
The short-term bullishness of Conflux seems encouraging from all perspectives. But what will a deep dive into the charts reveal?
Will The Bullishness Continue?
According to the chart shown below, CFX appears to be forming what might be a cup and handle formation:
The latter half of the cup hasn’t formed yet, but the general idea remains the same:
CFX is currently attempting to break above the $0.25 resistance, and may or may not succeed for now.
However, as the days go by, and if the bulls can sustain the momentum they have gathered so far, CFX still has enough fight left in it to reclaim the $0.5 high from 19 March 2023.
If this rally to $0.5 eventually happens, CFX would have moved to the upside by a cool 100% from current price levels.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
