Conflux Breaks Out of Multi-Month Consolidation Phase with 11% Price Surge

Conflux, an altcoin, has experienced a significant price surge of 11% in the past day, breaking out of its multi-month consolidation phase. This development is noteworthy as it marks a substantial increase in value after a prolonged period of sideways movement.

The breakout was confirmed by a retest at the $0.07 zone, which signifies a crucial level for Conflux's price action. As the price traded above the 100 EMA, the MACD bars indicated bullish strength, further supporting the altcoin's upward momentum.

Moreover, the network activity of Conflux was also instrumental in driving this surge. The transaction count reached a new high since April, with a significant increase in daily transactions. Additionally, the stablecoin market cap grew by 18.61% in just two weeks, indicating an influx of capital into the network.