CFX (Conflux) fell 0.39% in the last 24 hours.

Gate News Bot news, on August 11, according to CoinMarketCap, as of the time of this report, CFX (Conflux) is currently priced at 0.21 USD, falling by 0.39% within 24 hours, with a high of 0.23 USD and a low of 0.20 USD. The current market capitalization is approximately 1.07 billion USD.

Conflux is a high-throughput public blockchain system that achieves parallel processing of blocks and transactions through its innovative Tree-Graph consensus algorithm, reducing confirmation times and increasing TPS. Conflux employs a thoroughly tested PoW consensus mechanism that provides enhanced security and protection against re-entrancy attacks at the protocol level. Its built-in staking mechanism provides the foundation for innovative DeFi applications, with the current annualized yield for staking tokens at 4%. Conflux also offers a cross-chain asset bridge, ShuttleFlow, which supports seamless asset transfers between multiple protocols. CFX is the native token of the Conflux platform, used for paying transaction fees, staking to earn rewards, renting storage space, and participating in network governance.

Important news about CFX recently:

1️⃣ New exchange launch brings short-term volatility MGBX will launch CFX spot trading on August 4 at 19:30 (SGT). This move brings additional liquidity and trading demand for CFX, while also triggering short-term price fluctuations. The addition of the new exchange reflects the market's ongoing interest in CFX, but it also increases uncertainty in the short term.

2️⃣ Price volatility highlights unstable market sentiment CFX has experienced significant price volatility over the past week. On August 4th, there was a single-day increase of 14.44%, followed by a single-day fall of 14.05% on August 2nd. This dramatic price fluctuation reflects the market's high attention on CFX and also suggests a higher level of speculation, which may lead to continued price fluctuations in the short term.

3️⃣ Trading volume remains high, indicating market activity Despite the price correction, CFX's 24-hour trading volume remains at a high level. The sustained high trading volume indicates that market participation is still active, which may provide some support for future price trends. However, investors need to be cautious of the potential risks hidden behind the high trading volume.

From a technical perspective, the CFX price encountered resistance around $0.23, then fell back to around $0.21. The current price is in the middle of the recent fluctuation range, and investors need to closely monitor the performance of the $0.23 resistance level and the $0.20 support level to assess the future market direction. In the short term, CFX may continue to oscillate within this range until stronger market driving factors emerge.

This message does not constitute investment advice, and investors should be aware of market volatility risks.