CFX (Conflux) rose 7.86% in the last 24 hours

Gate News Bot news, August 7, according to CoinMarketCap data, as of the time of writing, CFX (Conflux) is currently priced at $0.22, rising 7.86% in the last 24 hours, with a high of $0.23 and a low of $0.19. The 24-hour trading volume reached $174 million. The current market capitalization is approximately $1.113 billion, an increase of $81.1 million compared to yesterday.

Conflux is a high-throughput public chain that achieves parallel processing of blocks and transactions through its groundbreaking Tree-Graph consensus algorithm, thereby reducing confirmation time and increasing TPS. Conflux employs a rigorously tested PoW consensus mechanism, providing enhanced security and protection against re-entrancy attacks at the protocol level. The network boasts excellent scalability, eliminating the consensus bottlenecks of other blockchains while not compromising security and decentralization. Conflux also features a built-in staking mechanism that provides a foundation for innovative DeFi applications. Currently, the annualized yield for staked tokens is 4%, generated through additional token issuance. The token economy of Conflux is built around the $CFX token, which serves as a unit of value on the platform, enabling token holders to pay transaction fees, earn rewards through staking, rent storage space, and participate in network governance.

Important news about CFX recently:

1️⃣ The launch of the new exchange drives short-term volatility

MGBX will launch CFX spot trading on August 4 at 19:30 (SGT). The addition of the new exchange brings extra liquidity and trading demand for CFX, while also triggering short-term price fluctuations. This event reflects the market's continued attention to CFX, but also increases uncertainty in the short term.

2️⃣ The drastic price fluctuations highlight the unstable market sentiment.

CFX experienced significant price fluctuations over the past week. On August 4th, there was a single-day rise of 14.44%, followed by a single-day drop of 14.05% on August 2nd. These dramatic price swings reflect the market's high attention to CFX, while also suggesting a higher level of speculation that could lead to ongoing price volatility in the short term.

3️⃣ volume remains high, indicating market activity.

Despite the price pullback, CFX's 24-hour volume remains at a high level of 174 million USD. The sustained high volume indicates that market participation remains active, which may provide some support for future price movements. However, investors need to be wary of the potential risks that may be hidden behind high volume.

From a technical perspective, the CFX price encountered resistance around $0.23, before falling back to around $0.22. The current price is in the middle of the recent fluctuation range, and investors need to closely monitor the performance of the $0.23 resistance level and the $0.19 support level to determine the future market direction. In the short term, CFX may continue to oscillate within this range until stronger market driving factors emerge.

This message is not an investment advice; investors should be aware of market volatility risks.