The trendline breakout run in FLUX hits resistance at 23.60% Fibonacci level at $0.70. Will buyers prolong the bull run for a price jump to $1?
With a bullish recovery in the FLUX prices, the buyers attempt to regain a strong position over the declining trend. As the underlying shift in sentiments with the crypto market recovery bolsters a breakout run, will FLUX hit the $1 mark? Let’s take a closer look at the FLUX price analysis to find out.
A Tough Falling Wedge For FLUX
In the daily chart, the FLUX price action reveals a falling wedge pattern in motion. The bearish pattern accounts for 72% price drop since March 2024. This pattern consists of two converging trend lines, resulting in limited volatility and increasing the underlying momentum.
After the massive crash, FLUX finally found support at $0.44, resulting in a sideways movement. As the underlying sentiments improve, the consolidation phase forms a double-bottom pattern.
With a double bottom reversal, FLUX jumped by 20% last night to challenge the overhead resistance trend line.
Boasting a 24-hour high of $0.71, FLUX tests the 50-day SMA and the 23.60% Fibonacci level. However, the increased supply resulting in a higher price rejection forms a long-wick candle.
Repeating the same price action, the intraday candle shows a similar higher price rejection as it fails to surpass again. However, the bullish recovery leads to a positive crossover in the MACD and signal lines and the revival of bullish histograms.
Will FLUX Hit $1?
Forming the third consecutive bullish candle, the FLUX price has increased by 27% in the last three days. However, the higher price rejection warns of a bearish reversal under the resistance trendline.
Taking a bullish perspective, the breakout of the 23.60% Fib level hit the $1 psychological milestone or the 50% Fib level. Conversely, the next support level is at the $0.50 psychological mark, $0.44, and the declining support trendline.
Beyond $1, the Fibonacci levels paint the next targets at 78.60% level at $1.38 and 100% level at $1.645.
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Source: https://thecryptobasic.com/2024/08/19/flux-hits-0-70-wall-as-buyers-breakout-attempt-targets-1/?utm_source=rss&utm_medium=rss&utm_campaign=flux-hits-0-70-wall-as-buyers-breakout-attempt-targets-1