Conflux (CFX) Adoption in China Boosts Its Value by 18%; However, Don’t Overlook Bitcoin Minetrix’s Potential

On Oct 24, 2023

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Conflux (CFX) price recorded a 40% surge over the past five days, up around 17% in the last 24 hours. The daily surge is steered by around a 340% increase in trading volume as CFX consolidation is exhausted.

$Cfx
Seems Like Consolidation Is Over & Cfx Finally Preparing For Massive Breakout Incase Of Successful Breakout Expecting Move Towards 0.50$💥#Crypto #Cfx #Cfxusdt pic.twitter.com/kgRyEzsG7T
— World Of Charts (@WorldOfCharts1) October 24, 2023

Featuring among the daily gainers, Conflux is a hot topic on Crypto X as investors anticipate a bullish wave. Nevertheless, it remains to be seen whether the uptrend will be sustainable.

Today is a day of green. 🌿💚#Bitcoin #MINA #PEPE #HEX #INJ #CFX #PLS $BTC $MINA $PEPE $HEX $INJ $CFX $PLS pic.twitter.com/GoIr3TM5cM
— Ox 102 🐮 (@ox102ox) October 24, 2023

The rally comes on a broader market rally, with altcoins benefiting from the overflows of the Bitcoin (BTC) surge. In this respect, the king of crypto is pumping hard amid speculation that a spot BTC exchange-traded fund (ETF) could soon launch in the market. This comes after BlackRock iShares Bitcoin Trust secured listing on the Depository Trust and Clearing Corporation (DTCC), with the IBTC ticker symbol.

The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023

Also, the affirmation of Grayscale Investment’s victory drives the surge after a US court ordered the US Securities and Exchange Commission (SEC) to review the firm’s application for its Bitcoin Trust (GBTC) to ETF conversion.

4️⃣ Court of Appeals to the Rescue!
👉 The recent mandate by the Court of Appeals is essentially asking the SEC to review their decision on #Grayscale‘s application once more. pic.twitter.com/qEeDfzg15b
— Keyur Rohit (@CryptoKingKeyur) October 24, 2023

Recently, the Conflux network revealed that its co-founder and chief technology officer, Ming Wu, joined hands with Global business development lead Dora and met with His Highness Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah. This was part of efforts to support digital and virtual asset initiatives.

Last week, our Co-founder & CTO, Ming @spark_ren , and Global BD Lead, Dora @realdora_eth, had an engaging dialogue with His Highness Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah.
We’re excited to support digital and virtual asset initiatives in RAK and are eager to leverage… pic.twitter.com/qwtpO5Xi6T
— Conflux Network Official (@Conflux_Network) October 23, 2023

Conflux Price Prediction As CFX Looks To Fill An Imbalance

After a 17% run, Conflux price tests the fair value gap (FVG) extending from $0.1398 to $0.1541. An FVG is an order block representing inefficiency in the market because many orders were injected here. As such, it creates an imbalance. To balance off this inefficiency, Conflux price has to tag this zone to fill the resting orders.

Based on the outlook in the daily chart below for the CFX/USDT trading pair, Conflux price has already tagged the first FVG, filling the orders within it. As such, investors should not be surprised if the price starts correcting.

However, those looking to open new long positions should wait for CFX to break and close above the midline of this zone. This is termed consequential encroachment (CE), resting around the $0.1466 level.

In a highly bullish case, the gains could extend for Conflux price to test the second FVG ranging from $0.1606 to $0.1703. Again, for a confirmed move north, CFX must breach its CE at around $0.1650.

The Relative Strength Index (RSI) at 63 and pointing north supports the bullish outlook, indicating momentum is still rising. Its position below 70 shows there remains more room north before talks of CFX being overbought set in.

The Awesome Oscillator (AO) is also optimistic, with its histogram bars now turned greedy. This points to dominance by the bulls.

TradingView: CFX/USDT 1-day chart

Converse case

A rejection from the CEO of the first FVG, however, reinforced by the resistance due to the 100-day Exponential Moving Average (EMA) at $0.1437, could see the Conflux price retract to flip the 50-day EMA at $0-.1244 back to resistance.

In the dire case, Conflux price could drop below the $0.1134 support level, potentially approaching the $0.1000 range low.

Meanwhile, you should not overlook BTCMTX, a new presale token making headlines as it gives investors a low bar entry into the Bitcoin market. Experts say it has 10X growth potential for investors even as its presale tokens sell out swiftly.

Conflux Alternative

BTCMTX is the powering token for the Bitcoin Minetrix ecosystem, a new stake-to-mine crypto presale with the potential for high returns. Interested investors should head to the website and buy BTCMTX at stage 3 rates of $0.0112 using Ethereum (ETH) or Tether (USDT) stablecoin.

#BitcoinMinetrix is now in Stage 3! 🔥 pic.twitter.com/Od4Syqx7EA
— Bitcoinminetrix (@bitcoinminetrix) October 23, 2023

The Bitcoin Minetrix ecosystem introduces an efficient cloud mining solution for the cryptocurrency community. Specifically, it demolishes challenges relating to expensive equipment and swindles by cloud miners.

#BTCMTX introduces an efficient cloud mining solution for the #Crypto community.
Previous concerns about expensive equipment and cloud mining deceptions held many back.
This decentralized strategy ensures a transparent and protected mining venture.⚒️ pic.twitter.com/FPZHxkB74j
— Bitcoinminetrix (@bitcoinminetrix) October 24, 2023

The project has decentralized and tokenized the entire process as part of its working mechanics. BTCMTX holders only need to stake their holdings for credits. These credits can thereafter be redeemed for mining hash power. The novel stake-to-mine concept makes Bitcoin mining accessible even to ordinary crypto folks.

Showing how #BitcoinMinetrix differs from typical cloud mining. ⛏️🪙
1️⃣ Using ERC-20 #Tokens removes the need for transactions.
2️⃣ Users control their mining power via earned credits from staking.
3️⃣ Smart contracts on #Ethereum automate security and decentralized staking. pic.twitter.com/EyxaQQ6EIR
— Bitcoinminetrix (@bitcoinminetrix) October 22, 2023

Visit the Bitcoin Minetrix website to buy BTCMTX tokens at current rates here. Notably, the price will increase in the next three days.