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- Conflux Network will build blockchain based Sim cards with China Telecom
- China telecom will launch first BSIM pilot program in HongKong this year
- CFX coin price shot up 293% on the monthly basis and shows signs of bullish trend reversal
Conflux Network (CFX) prices are trading with the bullish cues and bulls trying to break out of the supply zone to regain the trust of its long term investors. Recently, Conflux tweeted about their partnership with China Telecom to build Blockchain based Sim Card(BSIM) which will manage and store the users public and private keys in the card and carry out digital signatures in a way that private keys do not exit the card.The BSIM card can also allow encrypted storage and key retrieval.
This move by Conflux Network was appreciated by the market participant and prices shot up 293% on the monthly basis. Currently, CFX/USDT is trading at $0.2545 with an intraday gains of 12.46% and the 24-hour volume to market cap ratio at 1.1106
CFX price will get the early move advantage in BSIM
Conflux Network (CFX) crypto prices seem to have woken up from the sleepy mode and showing signs of bullish trend reversal due to partnership with giant China telecom to build Blockchain based SIM cards.
From the past 8 months, CFX prices are into the downtrend and slipping down by forming lower low swings and hits a yearly low at $0.0215 but luckily, In the mid of January, market sentiment improves and prices took the U-turn from the lower zone which has created a hope for its investors and bulls managed to reclaim the 50 day EMA. Later, after consolidating for few days CFX prices have broken out of the higher range with a giant bullish candle and prices shot up 166% in a short period of time.
Meanwhile, CFX has shown a golden EMA crossover which indicates that the positional trend has reversed in the direction of bulls and prices are likely to hold the current levels. However, the prices are near to the supply zone at $0.2500 which will act as immediate resistance for the bulls and if buyers succeeded to break the $0.2500 level then prices can rally toward $0.3000 mark
CFX has also witnessed a massive spike in the buying volume and price also following the same direction shows that some genuine buyers have taken long positions and are expecting outperformance in the coming months. The technical indicators of the CFX like MACD had generated a positive crossover indicating bullishness to continue for some more time whereas the RSI at 81 denotes overbought zone which might trigger minor selloff from the higher levels.
Summary
Conflux Network (CFX) prices skyrocketed when the market came to know about the recent partnership of CFX with China telecom which has completely changed the direction of prices and investors seem to be turning highly bullish. The technical analysis suggests that the prices are over extended and expected to enter into consolidation before deciding the further direction.
Technical levels
Resistance levels : $0.2494 and $0.3000
Support levels : $0.1500 and $0.0864
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.