Flux rallies 22% in last 24 hours, analysts eye further gains

Flux, the native token of the Flux ecosystem, has become the top trending cryptocurrency in the US, up 22% in the last 24 hours

At the time of writing, Flux (FLUX) was still up 20% and changing hands at $0.57, according to price data from crypto.news. The crypto asset’s daily trading volume was hovering around $91 million, while its market cap was $201 million.

FLUX 24-hour price chart – August 19 | Source: crypto.news

Despite the significant price increase, FLUX is trading 82% below 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 designed to facilitate the development, use, and deployment of web3, the decentralized internet of the future. Within this ecosystem, FLUX is used to execute transactions, stake, and reward Masternode operators.

At the moment, FLUX’s price is positioned at $0.5748, between the middle and upper Bollinger Bands at $0.5070 and $0.5933 respectively. This suggests that FLUX is trading near the upper range of its recent price action, suggesting a bullish trend in the short term, but has not yet fully touched the resistance level marked by the upper Bollinger Band.

FLUX Bollinger Bands and RSI chart | Source: crypto.news

Flux’s Relative Strength Index, a key indicator of price momentum, is at 54.92, indicating a neutral market condition. This suggests that while there is upward momentum given the recent price rally, FLUX is not yet in overbought territory, providing room for potential upside or downward movement without immediate pressure from market extremes.

Volume was steady and supportive of the current price level with no signs of a sudden increase in buying or selling pressure. Stability in volume is accompanied by a price rally towards the upper band, which may indicate a consolidating market preparing for the next significant move.

While FLUX has been a strong performer over the past day, trading indicators suggest a cautious approach. The balanced stance of the RSI, combined with stable volume, suggests a market that is carefully considering its next steps, making it an interesting place to watch for potential opportunities.

Building on this momentum, analyst Javon Marks recently noted in a post that FLUX could be poised for a bigger rally, with the ambitious projection indicating a potential increase of over 345% from its current position, with a breakout target of $3.0397, suggesting that a path back to previous highs is beginning to form.