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FLUX has undergone a 20% price decline after confronting a barrier at the resistance threshold of $0.44.
As of 1:48 a.m. EST, the token is actively trading at $0.31. However, the daily trading volume has surged to $3.5 million, marking a 9.7% upswing.
FLUX Price Indicators Champions a Bearish Move
FLUX price shows a breakout above a previously established bearish trendline, signifying a bullish shift.
However, this breakout has formed a head and shoulders pattern, indicating a signal for bearish reversal momentum.
The price seems to have breached its former support level at $0.36, reaching its bottom support point of $0.31.
The price consolidation phase reflects uncertainty regarding its direction. While the presence of selling pressure is evident, this phase could potentially offer an opportunity for the bulls to regroup and stage a swift upward push.
The prevailing sentiment leans towards a bearish outlook, supported by multiple price technical indicators suggesting the possibility of a price decline.
The SMA cross coinciding with the formation of the right shoulder in a head and shoulders pattern signifies a shift in the price trend.
Additionally, the fact that the price is currently trading below the 50 and 200 SMAs confirms a bearish trend.
Further supporting this is the relative strength index (RSI), which is gradually trending downward and currently stands at 34.
Although this decline is gradual, it corresponds with a weakening buying trend.
The bulls might regroup within the oversold region at 30 to stimulate price increases. A rebound at this level could ignite a renewed surge of bullish momentum.
Based on the analysis, it appears that the bulls are preparing for a potential upward push in the value of the FLUX token at the support level of $0.37.
However, if the price were to dip below the support level of $0.31, the bears might take charge, potentially leading to a further decline in price, possibly reaching as low as $0.25.
Sonik token offers an excellent opportunity for investors with its successful presale selling at low prices for high returns.
$SONIK Better Alternative to FLUX
Sonik Coin has entered the meme coin space with a one-of-a-kind infusion of humor and charm.
SONIK is an Ethereum-based ERC-20 token inspired by SEGA’s well-known Sonic the Hedgehog franchise that strives to carve out a distinct niche within the multifaceted crypto market.
The SONIK token is on the Ethereum blockchain with a maximum supply of 299,792,458,000 tokens, paying homage to speed and humor.
This number is a nod to the speed of light and Sonic’s iconic velocity as he races to collect his coins.
The platform has initiated its presale, making half the token supply available to the general public. This strategic decision highlights the team’s dedication to early supporters who share their vision.
The ultimate goal of the Sonik project is to rapidly achieve a $100 million market capitalization, reflecting the well-known character’s remarkable swiftness.
By utilizing its playful design and tapping into the nostalgia associated with a beloved gaming icon, Sonik Coin appeals to enthusiasts of meme coins, who generally possess a higher risk tolerance.
SONIK Token Crosses $200,000 in Presale Funding
Surprisingly, SONIK has gained substantial traction, impressively crossing the $200k mark and reaching $253,000 at the time of writing.
The $2 million limit selection mirrors the speed of light, a value often linked to Sonik’s alleged maximum velocity.
Aiming high, the $SONIK project sets its sights on achieving a remarkable $100 million market capitalization.
What distinguishes Sonik Coin is its innovative approach to providing token rewards for investors who opt to stake their holdings.
In contrast to numerous other meme coins that mainly rely on speculative trading, $SONIK serves a practical purpose through its staking utility.
With experts predicting an easy 10X on YouTube, Sonik is a token to watch for serious investors who want huge returns.
Stay informed via Sonik Coin’s social media platforms, Twitter and Telegram.
Each SONIK token sells for $0.000014 in its ongoing presale, maintaining a cautious cap of $2 million. Investors are invited to participate using Ethereum (ETH) or Tether (USDT) and swap them for SONIK tokens on the SONIK website.
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