- An increase of 10.78% has been observed in the FLUX crypto price during the weekly trading session.
- The cryptocurrency price broke below the $1.02 decisional point of interest (POI).
- The trading volume has reached $7.70 million, declining 8.75% in the last 24 hours.
Flux (FLUX) allows users to develop, deploy, and use the decentralized Internet in Web3. The Flux ecosystem has a native cryptocurrency called FLUX, which can be used for resource purchasing, collateralizing nodes, and fuelling transactions on FluxOS. The decentralized set of nodes called FluxNodes requires a proof of work (PoW) consensus mechanism to mine $FLUX as a reward.
Flux Crypto Performance 2024, Supply Changes, and Valuation
In January 2024, A minor bullish correction in the cryptocurrency price can be observed. Flux price recorded 9.12% negative returns as a part of a bullish correction period. Afterward, the price experienced a massive rise in February 2024 due to the correction period.
The cryptocurrency recorded 79.55% positive returns in February 2024, which reflected a positive sentiment. Consequently, the price again gave positive returns on March 2024 of 30.85%, with a 70% bullish rally to the $1.79 supply zone. Afterward, profit bookings happened, and the price faced opposing rallies in April 2024.
Flux’s maximum supply of tokens is capped at 440 million, of which 78.53% are circulating, hardly standing at 345 million. The current market capitalization of the network is $331 million. The total diluted value of the project is estimated at around $442 million.
Price to Volume and Social Dominance Analysis
After February 9, 2024, the social media buzz of the cryptocurrency rose, positively impacting the FLUX price. The crypto buzz covered almost 0.14% dominance worldwide during that month. Since then, the price started a noticeable bullish journey along with the trading volume, reflecting the importance of social buzzing. The current social dominance is at 0.017%.
Technical Analysis of the Flux (FLUX) Price
The current crypto price slipped below the key exponential moving averages, reflecting uncertainty in the short-term trend. If the price rebounds, the 50-day EMA, bullish trend continuation can be expected.
FLUX faced strong resistance from the $1.79 resistance level. The price made over 50% opposing rally to the $0.81 bullish point of interest (POI). Currently, the price is getting some initial bullish responses from the $0.81 POI. Flux’s price can reach the $1.667 level if the price gives a closing above $1.34. The shortfall can be expected to be up to $0.72 at the current level.
The relative strength index (RSI) is showing strong positive momentum in the current phase. The RSI and signal lines had a golden crossover, indicating a reversal. The RSI is moving at 43.71.
Summary
The Flux crypto experienced heavy profit bookings from the $1.79 supply level on March 18, 2024. The cryptocurrency reflected over 50% decline from that level. The current price is getting some initial bullish responses from the $0.81 POI. Flux’s price can reach the $1.667 level if the price gives a closing above $1.34. The shortfall can be expected to be up to $0.72 at the current level.
Technical Levels
- Resistance Levels: $1.34 and $1.79
- Support Levels: $0.81 and $0.72
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.