FLUX Price Prediction: 13% Price Pump Shows Sustainable Momentum
The cryptocurrency market might be in a recession, as evidenced by Bitcoin’s failure to reclaim the $20K levels. The global cryptocurrency market cap is also struggling to maintain the $1 trillion level. However, the pullback is not affecting all tokens because some, like FLUX, registered triple-digit gains during the past month.
FLUX makes a 13% gain in 24 hours
FLUX has made a 13% gain during the past 24 hours to trade at $1.33 at the time of writing, according to CoinGecko. The gains made during this period have added momentum to FLUX’s weekly gains, that now stand at 27%.
The gains made by FLUX during the past 24 hours stem from increased interest in the token by traders, as evidenced by the trading volumes that have reached $92 million during the past 24 hours.
FLUX reached an all-time high of $3.33 in January this year. However, since clinching these record highs, the token has lost 60% of its value. Nevertheless, FLUX is what could be seen as a “rising star” given that its triple-digit gains have raised its market cap, which now stands at $340 million.
Despite the bullish candle created over the past month, the Relative Strength Index (RSI) shows that FLUX is yet to exhaust the uptrend. The RSI of 52 shows that the token’s buying pressure is still high, but the overbought levels are yet to be reached, which lowers the risk of a downtrend.
Additionally, the Moving Average Convergence Divergence does not show any danger of a massive pullback soon. Therefore, FLUX could likely continue with the uptrend, at least for the short term.
However, as an investor, you should be cautious before investing in this coin because the sporadic gains made during the past month could quickly be erased, and FLUX could drop to the previous low. Additionally, there are no major news or developments surrounding the FLUX ecosystem that are supporting the bull run.
FLUX attempts to tap GameFi
FLUX was previously known as Zelcash before being rebranded in March last year. FLUX aims to be the leading decentralized cloud architecture platform. FLUX claims its ecosystem provides decentralized computing services and blockchain-as-a-service solutions in its whitepaper.
The FLUX token claims to provide utility by offering incentives to hardware hosters and allowing the holders to participate in on-chain governance. FLUX believes that its ecosystem can be the future of web 3.0 & crypto by providing a “digestible set of tools.”
As aforementioned, there are no new fundamental developments in the Flux ecosystem. However, Flux has been promoting itself as having the infrastructure needed to power the Web3 gaming sector. However, the team has yet to make official announcements about developing gaming projects on the chain.
The FLUX team has also called upon Ethereum miners to join the network. Ethereum proof-of-work (PoW) miners will be chased out of Ethereum after the Merge is complete. However, Ethereum does not believe in transitioning to another consensus, saying that PoW was the “viable future. Flux has called upon Ethereum PoW miners to join Flux and help in securing the network.