As a crypto investor, I find myself deeply intrigued by the meteoric rise of Flux (FLUX). In the past 24 hours, this token has surged to unprecedented heights, reaching $0.71 and beyond.
In simpler terms, Flux is a cryptocurrency that powers a network for artificial intelligence and decentralized physical infrastructure, making it among the fastest growing digital assets over the last 24 hours.
On September 3, the price of Flux (FLUX) reached a peak of $0.71, surging over 24% due to significant news releases.
Flux token’s upside move followed key announcements around the project.
September 2nd saw a proof-of-work cryptocurrency announce that Flux was chosen as one of the top 100 blockchain projects by the World Future Awards.
House of Chimera, a team specializing in blockchain research and consulting, has singled out Flux as an intriguing project worth keeping an eye on within the field. They attribute this recognition to the increasing requirement for advanced graphics processing units by technology firms.
The firm noted that AI, computing, and cloud gaming are key drivers of this demand, with decentralized platforms such as Akash Network, io.net, and Flux well-positioned to dominate.
As an analyst, I’ve noticed that the Flux price, which dipped into a downward trend after peaking at $1.63 back in March 2024, appears to be on the rise recently, given the optimistic market sentiment.
It’s possible that a significant portion of the recent surge might be connected to events at Binance, the leading global cryptocurrency exchange by trading volume. On September 3rd, Binance introduced FLUX futures, which now support the FLUXUSDT Perpetual Contract. This product provides up to 75 times leverage and allows users to trade with other assets such as BTC as collateral.
FLUX price near key resistance level
Due to futures trading making it easier for the token to be traded on the market, the community’s positive response to its listing has caused the price of FLUX to rise.
Earlier in the day, the price of the altcoin tended to stay around $0.49, reflecting a lack of excitement as Bitcoin (BTC) moved close to $59,000 and Ethereum (ETH) struggled to maintain its position above $2,500.
Although the overall crypto market has experienced a slump, Flux’s price has dramatically increased, echoing recent growth trends. The rise to $0.71, which represents a three-month resistance zone, is significant and may indicate a possible reversal. However, this uptrend could be temporary given the bearish outlook for BTC. Nevertheless, the upcoming months might hold crucial insights for Flux as an altcoin.
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2024-09-03 18:33