The upcoming Conflux 3.0 upgrade, scheduled to launch on August 31, promises to unlock parallel processing capabilities, boosting transaction throughput to 15,000 per second—surpassing rivals such as Ethereum and Tron.
Along with AI-driven features, cross-border trade tools, and real-world asset tokenization, the upgrade has ignited optimism. It also includes a partnership with AnchorX to launch a stablecoin pegged to the offshore yuan. Major exchanges, including Binance, are backing the hard fork, positioning Conflux (CFX) for significant growth.
Summary
- Conflux price has formed a cup-and-handle pattern on the daily chart.
- It has also formed a falling wedge, pointing to a strong rally.
- The network will launch the Conflux 3.0 on Aug. 31.
Conflux ‘Tree-Graph’ upgrade imminent
The Conflux token has jumped by over 200% from its lowest point in July. This rebound aligned with the performance of most altcoins as Bitcoin (BTC) jumped to a record high.
It also rallied after the developers unveiled the coming Conflux 3.0 upgrade, which will introduce more capabilities in the network.
Known as the “Tree-Graph” upgrade, it will introduce parallel processing capabilities, which will increase its throughput to 15,000 transactions per second, surpassing other top chains like Ethereum and Tron.
Conflux 3.0 will also introduce new artificial intelligence capabilities to capitalize on the ongoing hype. The AI industry has experienced significant growth recently, with AI tokens tracked by CoinGecko boasting a market capitalization of over $28 billion.
The upgrade also introduces tools to enable cross-border trade and real-world asset tokenization. One of the top elements is its partnership with AnchorX, which will introduce AxCNH, a stablecoin pegged 1:1 to the offshore yuan.
The Conflux 3.0 upgrade and hard fork will happen on Aug. 31 and will be supported by top exchanges like Binance.
Conflux price technical analysis points to a rebound
CFX price chart | Source: crypto.news
The daily timeframe chart indicates that the CFX price has pulled back and entered a bear market. On the positive side, it has constantly remained above the 50-day and 100-day moving averages, which have provided it with substantial support.
The coin has also formed a falling wedge pattern, which consists of two converging trendlines that are descending. Notably, this wedge formed after the coin found substantial resistance at $0.2730, which formed the upper side of the cup-and-handle pattern.
Therefore, the drop is likely part of the handle section. This cup has a depth of about 72%. Measuring the same distance from the cup’s upper side points to an eventual surge to $0.488, which is 157% above the current level.