Conflux (CFX) surged over 14% in the past 24 hours, recovering sharply from recent volatility sparked by its upcoming v3.0 upgrade.
The blockchain’s market cap now stands at $1.1 billion, with trading activity hitting $453.7 million in just one day — a 151% jump from the previous session.
The rally follows a steep 10% drop on August 3, which came right after the upgrade announcement and led to $1.7 million in long liquidations. Interestingly, shortly after the sell-off, around $14.23 million worth of CFX was transferred to private wallets, hinting at renewed accumulation.
The v3.0 upgrade, set for release on September 1, is designed to boost Ethereum compatibility and refine Conflux’s proof-of-stake rules. Traders are framing the price action as a classic “sell the rumor, buy the news” scenario — with the recent dip serving as a buying opportunity.
From a technical perspective, CFX has broken above its $0.189 pivot point and the 30-day SMA of $0.14, with the RSI climbing to 59.5 after rebounding from oversold territory. The next key resistance is at $0.228, a level that could open the path toward July’s high of $0.27 if sustained buying continues.
While the token has already posted a staggering 199% gain over the past 90 days, the question now is whether the v3.0 upgrade will deliver enough real-world adoption and ecosystem expansion to keep momentum alive in the months ahead.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/conflux-price-rebounds-strongly-as-market-eyes-september-upgrade/