Flux price has done well in the past few weeks as demand for the coin rises. It has jumped in the past seven straight days and reached a high of $1.26, which was the highest point since May 9th. It has risen by more than 204% from its lowest level this year, giving it a market cap of over $293 million.
Flux is a leading blockchain project that introduced the concept of a blockchain-as-a-service (BaaS). It has an ecosystem that offers an interoperable, decentralized, AWS-like development environment. Unlike many of the new platforms, Flux uses a proof-of-work cryptocurrency that powers its ecosystem.
Flux ecosystem is made up of several important solutions. For example, FluxOS is a second-layer platform that offers solutions like decentralized cloud computing, decentralized website hosting, file storage, and decentralized nodes for applications. Some of the applications running on the FluxOS are Aave, Docushield, Haven, Keep3r, Liquity, and Keep Network among others.
Flux price has made a strong recovery in the past few weeks. This trend happened as the number of nodes and other activities in the network rose. It also recovered in line with the performance of other top cryptocurrencies like ETH, BNB, and ADA.
The daily chart shows that the Flux price has been in a strong bullish trend in the past few weeks as demand for the coin rose. In this period, the coin has managed to move above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. The Relative Strength Index (RSI) has moved above the overbought level.
Therefore, it seems like Flux has the momentum going on. As such, there is a likelihood that the coin will continue rising as demand for the coin rises. If this happens, the next level to watch will be at $2.10, which was the highest point on May 3. A drop below the support at $1 will invalidate the bullish view.
This post was last modified on Aug 13, 2022, 12:10 BST 12:10