Flux rallies 22% in last 24 hours, analysts eye further gains
crypto.news 19 August 2024 11:36, UTC Flux, the native token of the Flux ecosystem, has surged by 22% in the last 24 hours, making it a top trending cryptocurrency in the U.S.
At the time of writing, Flux (FLUX) was still up 20%, exchanging hands at $0.57 per price data from crypto.news. The crypto assets’s daily trading volume was hovering around $91 million, while its market cap stood at $201 million.
Despite the significant price jump, FLUX is still trading 82% down from its all-time high of $3.33, which the token reached in January 2022.
Flux is a proof-of-work cryptocurrency that fuels the Flux ecosystem, which is designed to facilitate the development, utilization, and deployment of web3, the future’s decentralized internet. Within this ecosystem, FLUX is utilized for conducting transactions, staking, and rewarding Masternode operators.
Presently, the price of FLUX stands at $0.5748, positioned between the middle and upper Bollinger Bands, at $0.5070 and $0.5933, respectively. This indicates that FLUX is trading near the upper range of its recent price movements, suggesting a bullish sentiment in the short term, yet not quite touching the resistance level marked by the upper Bollinger Band.
Flux’s Relative Strength Index, a key indicator of price momentum, is at 54.92, denoting a neutral market condition, suggesting that while there is upward momentum given the recent price increase, FLUX is not yet in the overbought territory, which provides room for potential upward or downward movement without immediate pressure from market extremes.
The volume of trades has been stable, supporting the current price level without signs of sudden increases in buying or selling pressure. The steadiness in volume accompanies the price’s ascent towards the upper band, which might indicate a consolidating market preparing for the next significant move.
While FLUX has shown a strong performance in the past day, the trading indicators suggest a cautious approach. The balanced stance of the RSI, coupled with steady volume, points to a market that is evaluating its next steps carefully, making it an interesting watch for potential opportunities.
Building on this momentum, analyst Javon Marks recently outlined in an X post that FLUX could be primed for an even larger rally, with a breakout target of $3.0397 as the ambitious projection signals a potential increase of over 345% from its current position, suggesting that the path to reclaiming its previous highs may be forming.
