Centrifuge up 17% after Coinbase partnership: Will CFG break past $0.30?

Centrifuge [CFG] has gained more than 17% in the past 24 hours, amplifying its multi-week uptrend. The gains over the past seven days have reached 39% with momentum still looking strong. As tokenization gains pace, Centrifuge is positioning itself to be a leader in the real-world asset (RWA) sector, especially after Coinbase's investment. Coinbase tokenizing on Base Chain through Centrifuge Centrifuge launched 24/7 trading of the S&P 500 on Base Chain for non-U.S. users. The announcement was made at Consensus 2026 by Base creator Jesse Pollak. This news came after Coinbase invested in the Layer 1 blockchain that specializes in bringing traditional finance on-chain. Centrifuge became Coinbase's official tokenization infrastructure partner. The tokenized S&P 500 in Base will trade under the ticker deSPXA. The product was made available in partnership with S&P Dow Jones Indices, managed by Janus Henderson. The tokenized asset market cap is around $30 billion. However, the CEO of Centrifuge, Bhaji Illuminati, believed it would take more than sales to push the TVL of CFG from $1.5 billion to $10 billion, but it was gradually becoming a possibility. With regard to this partnership, Bhaji said, What matters now isn’t getting assets onchain, it’s getting the right assets onchain in the right way, A look into Centrifuge's chain activity The current TVL of Centrifuge stood at $1.686 billion, a growth of over $500 million during its price retracement period. The TVL had reached a peak value of $2.06 billion before dropping slightly. The value aligned with the projection of Bhaji Illuminati. Additionally, the number of holders of the CFG token has been growing steadily over the past 30 days. This figure increased from 9.21K to 9.77K at the time of writing. CFG bulls eyeing a price breakout On the charts, CFG was trending upwards with the price trading above the Ichimoku Cloud, which acted as support. The altcoin appears to be respecting a steep trendline support. The rally came after breaking out of a consolidation range between $0.1964 and $0.2134. The partnership announcement resulted in the purchase of over 6.55 million CFG, as indicated by the net volume. However, buying has greatly reduced, though it remains positive. Worth noting, the altcoin has pushed slightly past the resistance level at $0.2944. It remains uncertain if this level can be surpassed, though signs were suggesting so. Still, the level could hinder further appreciation. Previously, the level resulted in a 90% retracement of the move that happened in mid-April, from $0.1857 to $0.2993. Final Summary Centrifuge surged 17% after launching 24/7 trading of the tokenized S&P 500 on Base Chain with Coinbase backing.  CFG was eyeing the $0.30 zone to flip, but the same resistance zone resulted in almost a full retracement of the previous rally.