Flux token spikes 24% amid debut on Binance futures

FLUX, the cryptocurrency that powers a decentralized computing network for artificial intelligence and decentralized physical infrastructure networks, has become one of the most valued tokens in the last 24 hours.

At press time on September 3, the Flux (FLUX) price was trading at $0.71, up more than 24% following major news announcements.

The bullish movement of the Flux token occurred following important announcements around the project.

The proof-of-work cryptocurrency announced on September 2 that the World Future Awards named Flux among the Top 100 Blockchain projects.

Blockchain research and consultancy group House of Chimera also identified Flux as one of the projects to watch in this space, given the increasing demand for high-end graphics processing units from technology companies.

The company noted that AI, IT, and cloud gaming are the key drivers of this demand, with decentralized platforms like Akash Network, io.net, and Flux poised to dominate.

FLUX price, which has been in a downtrend since reaching $1.63 in March 2024, is now seeing an uptrend amid this positive outlook.

However, much of the recent surge can be attributed to news from Binance, the world’s largest crypto exchange by trading volume. Binance listed FLUX futures on September 3 and added support for the FLUXUSDT Perpetual Contract. The product offers up to 75x leverage with a multi-asset mode that allows users to trade other assets like BTC as margin.

FLUX price is close to the important resistance level

Futures trading increased the token’s accessibility in the market, while the community response to the listing caused the FLUX price to rise.

The altcoin’s value was hovering around $0.49 earlier in the day, while Bitcoin (BTC) fluctuated around $59,000, while Ethereum (ETH) struggled to hold onto $2,500.

However, despite the broader crypto market slump, Flux price has risen sharply, mirroring recent gains. A rally to $0.71, an area that marks a three-month resistance zone, could be critical. A reversal is likely amid bearish predictions for BTC, but the coming months could also be important for the altcoin.