Conflux Rises 14% as v3.0 Upgrade Nears on September 1

Conflux (CFX) has experienced a strong price rebound, surging over 14% in the past 24 hours following a sharp correction earlier in the week. The renewed buying interest coincides with heightened anticipation for the v3.0 upgrade, set to launch on September 1. This update aims to enhance Ethereum compatibility and refine the blockchain’s proof-of-stake consensus rules, drawing renewed focus from traders and investors [1].

The correction began on August 3, when the token plummeted 10% immediately after the upgrade was announced, leading to $1.7 million in long liquidations. However, the pullback was quickly followed by signs of accumulation, as roughly $14.23 million worth of CFX was moved to private wallets within a short timeframe. This suggests that savvy market participants are treating the dip as a buying opportunity [1].

Market activity has surged as a result, pushing Conflux’s market capitalization to $1.1 billion, with a single-day trading volume of $453.7 million—up 151% from the previous day. The increased liquidity reflects growing confidence in the token as the community builds expectations around the upcoming upgrade [1].

From a technical standpoint, CFX has moved above its key $0.189 pivot level and the 30-day simple moving average of $0.14. The RSI has climbed to 59.5 after recovering from oversold territory, indicating the possibility of continued upward momentum. The next major resistance is at $0.228, and if buying pressure remains strong, the token could potentially test its July high of $0.27 [1].

While the recent rally has already delivered a 199% return over the past 90 days, the critical test for CFX lies ahead. Analysts are closely watching whether the v3.0 upgrade will lead to meaningful real-world adoption and ecosystem growth. A successful implementation could solidify the project’s long-term viability and attract further institutional interest [1].

The v3.0 upgrade is emerging as a pivotal event for Conflux, with market behavior reflecting a classic “sell the rumor, buy the news” dynamic. As the project approaches the scheduled release, further price action will likely be driven by actual developments in implementation and ongoing developer activity [1].

Source: [1] Conflux Price Rebounds Strongly as Market Eyes September Upgrade (https://coindoo.com/conflux-price-rebounds-strongly-as-market-eyes-september-upgrade/)