Conflux (CFX) soars 11% as Bank of China launches SIM card payments with digital yuan

Conflux (CFX) recently posted a significant price increase after a few days of bearish activity. According to data from coinmarketcapCFX has gained 11.39% in the last 24 hours to emerge as the top gainer of the day. So what is the reason for this price hike?

Bank of China announces SIM card NFC payment, sparking excitement in the Conflux community.

On July 10, the Bank of China announced It will begin testing SIM card-linked payments using the digital renminbi – known as the digital yuan – tomorrow, July 11.

According to its statement, the state-owned bank claims to be piloting the program in collaboration with telecom giants China Telecom and China Unicom.

Related Reading: Conflux (CFX) Plunges 16% Despite $18M Investment From DWF Labs

The project aims to enable payments using near-field communication protocol (NFC) and a technology called “super SIM cards”. Basically, users will be able to process digital yuan payments by simply exposing their mobile phones to designated payment terminals.

That said, after this news surfaced in mainstream social media today, there has been a wave of excitement in the CFX community, with some indicating that the Bank of China’s latest move could spur CFX adoption in the future. Is.

For context, Conflux Network signed a partnership with China Telecom in May 2023 to develop a blockchain-powered SIM card (BSIM). Given this, it appears that some CFX fans believe that the Conflux Network will play a significant role in the new sim. Card e-CNY payment system.

The euphoria in the CFX community turned into positive price movement, with CFX surging 11% this morning to a high of $0.2031. Prior to this price increase, CFX had seen its market price fall from $0.197 to as low as $0.175 in the past seven days.

At the time of writing, CFX is currently trading at $0.201 with a loss of 0.20% in the last hour. However, the trading volume of the token has increased by 135.79% and is valued at $75.4 million. With a market cap of $617.6 million, Conflux is ranked as the 67th largest cryptocurrency in the market.

CFX Trading At $0.200 On The 4-Hour Chart | Source: CFXUSD Chart On Tradingview.com

cfx price analysis and prediction

Analyzing the 4-hours chart of CFX, the coin is moving towards the resistance area at $0.214. If the asset’s bullish momentum is sufficient to break this area, it could trade as high as $0.289, marking its next support area.

Related Reading: Conflux Claims Its Place Among Top Altcoins as CFX Price Surges 46%

However, heavy bearish strength at the $0.214 price area will cause CFX to decline, and retest the $0.171 support level. That said, it is important that long term traders note that the CFX market is currently in a downward trend until March.

Featured image from Conflux Network, chart from TradingView.