- Flexacoin 40% rally in 24 hours stalls before hitting $0.004.
- A reversal is anticipated following the formation of a double-top pattern.
Flexacoin (FXC) is the top 100’s biggest double-digit gainer in the last 24 hours. Generally, the cryptocurrency market has been trending higher in the last 48 hours, FXC/USD bulls have really outperformed themselves. Towards the end of the second week of July, Flexacoin embraced support at $0.0032 following a retreat from highs close to $0.004.
Recovery has been steady since then with the altcoin stepping above several hurdles including $0.0034, both the 50 SMA and the 100 SMA in the 4-hour range as well as $0.0036. The rally in the last 24 hours massively extended the price action upwards while using the aforementioned moving averages as stepping stones.
At the moment, FXC/USD is teetering at $0.003919 after taking down the resistance at $0.0038. The bullish momentum is likely to stall within a whisker of $0.0040 according to the prevailing technical picture. The RSI is starting to retreat after rising to a weekly high of 61.84. If its trend remains unchanged in the current and upcoming sessions, expect bearish pressure to increase.
Meanwhile, the formation of a double-top pattern hints that a reversal is around the corner. Usually patterns like this signal the end of an elongated bullish trend in favor of a reversal. In this case, losses from the current price level would retest support at $0.0036, the 50 SMA at $0.003539 and 100 SMA at $0.003518. The primary support is highlighted at $0.0032.
Read more: Altcoin Market Update: Flexacoin, Digibyte and Maker dominate the proceedings this Thursday
FXC/USD 4-hour chart
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