Conflux (CFX) Just Doubled in Price – Can the Coin Reach $1?

Key Takeaways

Conflux’s (CFX) price surged by over 100% on July 21.
CFX rallied after positive news regarding a mainnet upgrade.
Can CFX sustain its increase and reach a new cycle high?

Conflux (CFX) paced the crypto market with a 100% price surge on July 21, fueled by positive news.

The rally followed the announcement of the Conflux 3.0 mainnet upgrade, dubbed Tree-Graph.

With CFX approaching its cycle high, traders are closely monitoring the $0.440 resistance level to see if it will break.

Positive Conflux News

The Conflux Technology & Ecosystem Conference started on July 19 and concluded today.

Positive announcements were made, none bigger than the news of the Conflux 3.0 mainnet upgrade, scheduled for August.

The upgrade, called Tree-Graph, will introduce parallel processing blocks, improving the blockchain’s throughput to over 15,000 transactions per second.

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Why is CFX’s Price Up Today?

Conflux (CFX) is on a strong upward trajectory, with its price steadily climbing since early June.

In just the past four days, CFX has printed three bullish weekly candlesticks, signaling a potential trend reversal.

The move began with a slow and steady rise, but momentum picked up sharply last week.

CFX broke out of a long-term descending parallel channel, ending a downtrend that had persisted since March 2024.

Since then, the price has doubled, marking a decisive shift in sentiment.

If this rally continues, the next major hurdle is the $0.440 resistance zone, just shy of its cycle high.

Conflux Resistance — CFX/USDT Weekly Chart | Credit: Valdrin Tahiri/TradingView

Momentum indicators confirm the bullish price action.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) generated bullish divergences (orange) before the rally.

The RSI divergence is only present in the short term (dashed), while the MACD is present in the long term (solid).

Because of the positive Conflux price action and indicator readings, the coin is likely to rally to $0.44 and even break out.

New CFX Highs

Like the price action, the wave count suggests that Conflux has ended its correction and that the coin will reach new highs.

The count shows a rapid but short five-wave increase since the start of 2023.

Then, it started a nearly two-year A-B-C correction (red), ending with the June low of $0.059.

CFX Wave Count — CFX/USDT Weekly Chart | Credit: Valdrin Tahiri/TradingView

The wave count suggests that CFX has started a similarly rapid upward movement that could have the same length as the first one.

If that happens, Conflux will reach a high of $1.317. Despite a nearly 500% increase, the target will not represent a new all-time high CFX price, highlighting the severity of the decline.

Upgrade Triggers Rally

Conflux surged by 100% on July 20, spurred by the positive news about the mainnet upgrade.

Conflux’s price broke out from a long-term channel, and the coin is nearing the $0.440 resistance area.

The wave count suggests CFX can reach a high of $1.317.

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Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

[email protected]

X.com

Conflux (CFX) Soars 100% on Mainnet Upgrade – The Next Target May Shock You

Positive Conflux News

Why is CFX’s Price Up Today?

New CFX Highs

Upgrade Triggers Rally

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