CFX (Conflux) rose 3.12% in the last 24 hours

Gate News Bot message, August 8, according to CoinMarketCap data, as of the time of writing, CFX (Conflux) is reported at $0.22, with a rise of 3.12% in the last 24 hours, reaching a high of $0.23 and a low of $0.19. The current market capitalization is approximately $1.149 billion, an increase of $34.8 million compared to yesterday.

Conflux is a high-throughput public chain that achieves parallel processing of blocks and transactions through the innovative Tree-Graph consensus algorithm, reducing confirmation times and increasing TPS. CFX is the native token of the Conflux network, used for paying transaction fees, staking for rewards, renting storage space, and participating in network governance. Conflux utilizes a PoW consensus mechanism to provide higher security, and the built-in staking mechanism offers an innovative foundation for DeFi applications, while the fee sponsorship mechanism lowers the user threshold.

Important news about CFX recently:

1️⃣ New exchange launch brings short-term volatility MGBX launched CFX spot trading on August 4 at 19:30 (SGT). This move brings additional liquidity and trading demand for CFX, while also triggering short-term price fluctuations. The addition of the new exchange reflects the market's ongoing interest in CFX, but also increases uncertainty in the short term.

2️⃣ Price volatility highlights unstable market sentiment CFX has 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. This dramatic price volatility reflects the market's high attention on CFX, while also suggesting a higher level of speculation, which may lead to continued price fluctuations in the short term.

3️⃣ High trading volume indicates market activity Despite the price correction, CFX's 24-hour trading volume remains at a high level of $174 million. The sustained high trading volume indicates that market participation is still active, which may provide some support for future price movements. However, investors should be wary of the risks that may be hidden behind high trading volumes.

From a technical perspective, the CFX price encountered resistance around $0.23 and subsequently fell 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 assess 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.