FLUX Technical Analysis: Sellers Start The Post-Retest Reversal

Table of contents

  1. Past Performance of FLUX
  2. FLUX Technical Analysis
  3. Upcoming Trend

FLUX prices retest the bearish breakout of the consolidation range and succumb under increased selling pressure to reach $0.30.

Key technical points:

The market price has increased 9.98% over the past 24 hours.The price action shows a higher price rejection in the retest candle.The 24-hour trading volume of Flux is $57.62 Million, indicating a hike of 72%.

Past Performance of FLUX

FLUX prices fail to withstand the increased selling pressure in the crypto market resulting in the bearish breakout of the consolidation range between $0.82 and $0.60. The fallout rally takes a dip at the $0.40 mark before forming a bullish candle to retest the range breakout resulting in a higher price rejection in the daily candle.  Moreover, the lacking bullish support evident by the comparably lesser trading volume teases a bearish trend continuation.

TradingView Chart

Source- Tradingview

FLUX Technical Analysis

The bullish engulfing candle loses the increased trend momentum and retraces FLUX prices, increasing the chances of a downtrend to $0.30. Hence, traders can shortly find a selling opportunity with a 30% downside target. The MACD indicator displays the fast and slow lines showcase a bearish crossover with the start of a negative trend in the histograms. Moreover, the reversing lines increase the likelihood of an increase in bearish spread, solidifying the bearish trend.

The RSI slope shows a dip in the oversold zone, but the V-shaped turnaround surpasses the oversold boundary and eyes the 14-day average line. Thus, the RSI indicator shows a potential bullish reversal awaiting the jump in trading volume. Thus, these indicators remain divided over the upcoming trend, but traders can find the price action confirmation as an entry spot. In short, the FLUX technical analysis predicts a volatile stage, but the increasing bearish influence over the market warns downfall.

Upcoming Trend

Suppose the increase in buying pressure undermines the higher price rejection; the FLUX prices will rechallenge the sellers at $0.60. And the bullish breakout will lead to a price jump to $0.82.

Conversely, the bearish continuation will eventually lead to an inevitable fall to the $0.30 mark.

Resistance Levels: $0.60 and $0.80

Support Levels: $0.40 and $0.30

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