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Conflux (CFX/USD) price made a bullish breakout on Tuesday as a cheerful mood engulfed the cryptocurrency industry. CFX, its token, jumped to a high of $0.4452, the highest level since March 29th. It has soared by more than 1,975% since January, making it one of the top performing coins in the industry.
Binance to support mainnet integration
Conflux has done well in the past few months as investors cheer the network’s growth. The most important news was that the developers reached an agreement with China Telecom, a behemoth with millions of users.
The partnership will see the company embrace Conflux for its blockchain products, including an upcoming sim card. Further, Conflux partnered with China’s version of Instagram, as we wrote here.
Conflux has also reached multiple partnerships in the past few months. On Monday, the developers reached a deal with Samurai, a developer of blockchain-enabled games. Players play the role of samurais in the game and recruit their generals to destroy their enemies.
Last week, the developers announced that they would deploy Uniswap V3. This new development will provide incentives like creation of liquidity pools for CFX/USDT and CFX/BTC pairs.
The main reason why Conflux price is jumping on Tuesday is that Binance announced that it will support the mainnet integration. This means that after the migration is complete, Binance will support deposits and withdrawals for CFX token. These withdrawals will happen through the Conflux eSpace, Conflux Core Space, and BEP 20.
Most importantly, Conflux price jumped because of its close correlation with Bitcoin. Bitcoin jumped above the $30,000 resistance level, signaling that there are still buyers in the market.
Conflux price forecast
The 4H chart shows that the CFX price has been in a strong bullish trend in the past few days. It rose to the important resistance point at $0.4433, the highest point on March 30. Conflux has managed to move above the 25-day and 50-day exponential moving averages. It also rose above the key resistance at $0.4070, the highest level on April 5.
Conflux also jumped above the overbought level. Therefore, the token will likely continue soaring as buyers target the next key resistance point at $0.4860, the year-to-date high. This price is ~13% above the current level.
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