Flux price jumped sharply on Saturday as demand for the cryptocurrency continued rising. It rose even as other cryptocurrencies like Bitcoin and Ethereum dipped following the hawkish statement by Fed’s Jerome Powell. The coin rose to a high of $1.11, which was the highest level since August 17 of this year. It has jumped by over 166% from its lowest level this year.
What is Flux and why is it rising?
Flux is a relatively small blockchain project whose token has a total market cap of over $260 million. It describes itself as a blockchain-as-a-service (BaaS) that provides all tools that developers need to build and run their applications. Unlike many other platforms like Solana and Avalanche, Flux uses the proof-of-work (PoW) technology.
Flux is made up of several important parts. First, there is Flux Nodes, which is an incentivized distributed enterprise hardware. It differs from other projects that provide masternodes by requiring highly-available, enterprise-grade hardware with sufficient Flux collateral.
Flux also runs a Flux OS, which provide orchestrator, scheduler, and hardware verifier tools. It is the brain of the Flux Nodes and Flux Computational Network. It acts as the master coordinator for launching applications, sidechains, and asset layers.
Finally, Flux offers Zelcore, which is a multi-asset crypto wallet and platform that provide custody of over 250 coins and 25k digital assets on the Ravencoin, NEO, and Ontology layers.
The Flux price has done well in the past few days as investors wait for the upcoming Ethereum merge event. This is a major transition that will see Ethereum move from a proof-of-work (PoW) to a proof-of-stake (PoS). Therefore, some investors believe that projects like Flux and Ethereum Classic will become the go-to platforms for PoW miners and developers.
Flux price forecast
The four-hour chart shows that the FLUX price has been in a strong bullish trend in the past few days. Along the way, the coin has jumped above the 25-day an 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level. It has also moved above the important support level at $0.816, which was the lowest level this month.
Therefore, there is a likelihood that Flux will continue rising as bulls target the important resistance at $1.24, which was the highest point on August 13. This price is about 23% above the current level.