FLUX Technical Analysis: Sellers Start The Post-Retest Reversal

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. 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 t...