FLUX is trading in an uptrend, like many other Altcoins. The cryptocurrency FLUX just pumped upto +420% in a single day by breaking a falling wedge pattern with strong buying volume on multiple exchanges and surges over +485% in a week.
What is FLUX?
FLUX is the new generation of scalable decentralised cloud infrastructure. Simply develop, manage, and spawn your applications on multiple servers at once. Ready for Web 3.0, Dapps, and more. The Flux Ecosystem is a fully-operational suite of decentralised computing services and blockchain-as-a-service solutions which offer an interoperable, decentralised, AWS-like development environment. Flux a native GPU mineable POW (Proof of Work) coin providing incentive for hardware hosters, XDAO governance on-chain, and bad actor mitigation via staking requirements for running hardware.
FLUX Price Analysis
At the time of writing, FLUX is ranked the 130th cryptocurrency globally and the current price is US$2.52. Let’s take a look at the chart below for price analysis:
After looking at the above 4-Hour candle chart, we can clearly see that FLUX was trading inside the falling wedge pattern on the FLUX/USDT pair. The first resistance was on the $1.40 price level, which FLUX broke with a strong bullish trend buying volume and is now heading towards the recent high price at $3.35. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price crash, FLUX may continue to increase in the uptrend if traders keep buying with high volume.
“The falling wedge pattern is characterized by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam.”
What Do the Technical Indicators Say?
The FLUX TradingView indicators (on the 1-day) mainly indicate FLUX as a Strong Buy, except the Oscillators which indicate FLUX as a Neutral.
So Why Did FLUX Break Out?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying FLUX for the coming Altcoins rally. Recent news was also announced regarding FLUX Listing on Binance with different trading pairs.
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Where to Buy or Trade FLUX?
FLUX has the highest liquidity on Binance Exchange, so that would help for trading FLUX/BTC or FLUX/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia. You can also buy FLUX from different exchanges listed on Coinmarketcap.
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