- Flux makes substantial gains in the last 24 hours as at press time.
- Weekly outlook and on-chain analysis supports continued rally.
Flux crypto is slowly gaining traction in the financial markets due to recent its gains that have rewarded investors and traders who bought in before this week.
Considering the 12-hour time frame, consolidating Flux/USDT pair broke out of a falling wedge pattern, retested and surged over 18% as at press time.
The key buying targets for Flux crypto sits at $0.96, $1.05, $1.20, $1.44, and $1.65 price levels.
The support level is currently at $0.82, which is expected to hold until the price potentially reaches a new all-time high in the coming months.
Source: TradingView
Additionally, on the 3-day chart, FLUX/USDT has broken through a major resistance trendline and is poised for a significant upward move.
With this breakout, the target price of $3.0397 is still in sight, suggesting a potential increase of over 354% from current levels.
The price of FLUX might be in the early stages of a substantial rally, moving toward this target.
Source: TradingView
Weekly outlook
Flux has gained 18% after bouncing from a key support level on the weekly chart, which has held steady since September 2023.
Flux price then tested this support four times, with the fourth bounce leading to significant profits.
The RSI indicator has also formed a double bottom in the oversold area and is now turning upward, suggesting a potential rally.
Flux is expected to reach its top resistance level by the end of the year or early 2025.
Source: TradingView
Looking into the market cap of Flux, it stands at approximately $194 million and a trading volume of $82.2 million. It has a circulating supply of 351.6 million coins out of a total supply of 440 million.
Additionally, the fully diluted market cap is around $243.7 million while the volume-to-market cap ratio is 42.05%, indicating that Flux is highly liquid and actively traded.
Source: CoinMarketCap
On-chain analysis
Lastly, examining the daily ratio of on-chain transaction volumes between profits and losses, along with the total supply and number of holders, reveals a healthy trend for Flux.
Source: Santiment
This indicates growing interest from traders and investors. Given this positive trend and today’s 18% price surge, it suggests that Flux is likely to continue rising in the coming days.
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