Conflux Network (CFX) defied Tuesday’s market slump with a 28% price surge to $0.2439, fueled by its AxCNH offshore yuan stablecoin initiative with AnchorX and Eastcompeace Technology.
Key Drivers Behind the Rally
✅ AxCNH stablecoin pilot launching August 1 in Singapore/Malaysia
✅ Part of China’s Belt and Road cross-border payment strategy
✅ 128% trading volume spike (CoinMarketCap data)
✅ RWA tokenization focus gaining traction (green energy swaps sold out)
Technical Outlook: Path to $0.30?
📈 Bollinger Band breakout suggests bullish momentum
💪 Key support: $0.17-$0.18 (must hold)
🎯 Next targets: $0.30 resistance, then $0.34
⚠️ Risk: Breakdown below 20-day MA ($0.14) would negate uptrend
The upper wick at $0.278 shows temporary profit-taking, but the band expansion and volume surge indicate sustained buying interest.