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#CFX# 🟢 Daily Best Crypto Assets Rise – July 21
Why it is rising:
CFX surged due to news of the Chinese-backed renminbi stablecoin, upgrade frenzy, and a fierce short squeeze.
Key Drivers:
• RMB Pilot: Announced in Shanghai activities with AnchorX and China Telecom, aligned with the "Belt and Road" cross-border goals.
• Conflux 3.0 Boom: Upgrade launched on July 30; development activities increased by 22% month-on-month.
• Derivatives squeeze: $11 million in shorts were liquidated; open contracts increased by 140%.
Technical Settings:
• RSI: 93.2 ( has been the most overbought in months )
• MACD: Bullish, target $0.289 ( Fib extension )
Conclusion:
Narratives, momentum, and supply shocks are driving CFX, but the RSI is flashing red. Please pay attention to the resistance level at $0.25 and the risk of profit-taking after the upgrade.