Flux Crypto Smashes Below 20 EMA: Will It Plunge Further or RallThe Flux crypto smashed below the 20 day EMA and currently rests near the 50 day EMA.
The price performance shows that the FLUX lost nearly 15% of its value in the last one week.
The Flux crypto trades lightly in Intraday on Saturday and is delivering swift gains. The crypto was trading close to 1.11 USD in intraday reporting a positive intraday gain of nearly 1.10%.
Currently the price seems to be struggling to gain traction from the 50 day EMA. The 20 day EMA breakdown has encouraged the bears and are attempting to break the price more to gain control over the short term trend.
Whereas the bulls are attempting to defend the price above the 50 day EMA in order to keep the trend bullish. The long term trend outlook is positive with a over 97.8% gain in the past three months.
The price performance shows that the crypto has performed well in the last 1 year except for the last one week. The price has noted a drawdown of 15% in the last one week. Also, the recent price fall may be considered as a pullback and profit booking as the monthly return is still positive at 6.24% and YTD gain is 76.85.
Now, for the FLUX crypto to resume higher again, the bulls need to accumulate the lows and prevent the further fall. Any sustained move above the 20 day EMA may validate a trend continuation on the higher side.
Flux Crypto Volume Analysis
The Flux crypto received 7.9 Million USD in volume in the past 24 hours which is 34.01% lower than the previous day suggesting a significant drop in the volume. The above chart shows a correlation between the price and volume.
As per the data, the volume has dropped by more than 50% in the last two weeks. The price has also noted a fall in the last couple of weeks. Currently, the volume to market cap ratio is 2.08% indicating low volatility in the crypto.
Flux has a circulating supply of 344.78 Million tokens which is nearly 78.3% of the total supply. The total supply of flux is 440 million tokens.
Flux Crypto: Active Addresses Surged Significantly!
The number of active addresses of FLUX crypto has displayed a positive trajectory in the last few months. The active addresses represent the distinct number of wallets where transactions are being done frequently.
The number of 7-day active addresses were 381 at the start of February. The current number of 7 day active addresses were 1034 indicating a 270% jump in the last two months. It indicates the increasing participation of the users in the last two months.
Technical Analysis Of Flux Crypto
From a technical point of view, the FLUX price has broken below the 20 day EMA and currently rests close to the 50 day EMA suggesting weakness in the short term trend. The long term trend outlook is positive until the price is maintained above the 200 day EMA.
At the time of writing, the Relative strength index (RSI) line has crossed below the mean line and was at 43.39 points. Whereas, the 14 day SMA line was hovering close to the mean line at 50.81 points. A bearish crossover of both the RSI and SMA line was observed on the charts indicating a bearish outlook in the short term.
Flux Crypto Price Forecast.
The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the Flux price could advance to a high of $1.47 suggesting a potential gain of over 31.3%. The lower price target which the crypto could attain as per the analysts is $0.86 if breaks below the 50 day EMA.
Conclusion.
The Flux cryptocurrency has made a breakdown of the 20 day EMA and has fallen near the 50 day EMA. The bulls are attempting to hold the price in the positive territory whereas the recent price drop has added to the bears for another fall. Both the sides are putting their efforts to drag the trend control in their favor.
However, the long term trend outlook is positive above the key moving average of 200 days. Any sustained move above the 20 day EMA may validate a trend continuation.
Technical levels:
Support levels: $1.06 and $0.860
Resistance levels: $1.41 and $1.68
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
