Here’s why the Conflux price is going up today

Conflux price went parabolic on Tuesday, surging by over 40% amid enthusiasm about the upcoming upgrade and its yuan-based stablecoin efforts.

Summary

• Conflux price formed a God candle ahead of the quarterly community call.
• The developers will announce details of the upcoming hard fork.
• Conflux 3.0 will introduce faster speeds, AI agent features, and stablecoin support.

Conflux (CFX) token surged to a high of $0.2730, its highest point since April last year, and is now up 370% from its lowest point this year, giving it a market capitalization of over $1.3 billion.

Conflux 3.0 hype continues ahead of community call

The CFX token surged in a high-volume environment, with daily volume rising by over 425% to $772 million. Its futures open interest also jumped to over $164 million, up from Monday’s $98 million.

The rally followed confirmation that the quarterly community call will take place on Wednesday. This call will highlight second-quarter activity and provide a sneak peek at the upcoming Conflux 3.0 upgrade.

The upgrade and hard fork, scheduled for August, will improve performance by increasing transaction throughput from the current 3,000–6,000 transactions per second to 15,000.

Most notably, Conflux 3.0 will introduce support for artificial intelligence agents. This improvement will enable developers to create AI-enabled products and services.

https://twitter.com/Conflux_Network/status/1950149554944491852

Another key feature is a pilot for an offshore yuan-backed stablecoin. Developed in collaboration with AnchorX, the CNH stablecoin aims to enhance cross-border payments and the settlement of real-world assets, also known as RWA.

Conflux 3.0 will also implement both proof-of-work and proof-of-stake mechanisms to boost scalability and decentralization. As a result, CFX price is soaring as investors anticipate developers will announce the official release date during the community call.

Conflux price technical analysis

CFX price chart | Source: crypto.news

The daily chart shows that CFX has rebounded over the past few months, climbing from a low of $0.0636 in April to $0.2726 today. Conflux has formed a golden cross pattern as the 50-day and 200-day moving averages crossed.

CFX has also formed a cup-and-handle pattern, featuring a horizontal support base and a rounded bottom. The pattern has a depth of approximately 76%, suggesting that a breakout could push price toward $0.790. This target sits just above the 78.6% Fibonacci retracement level.