Flexacoin Market Update: FXC/USD 40% rally rockets towards $0.004, double-top pattern spotted


  • 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 moreAltcoin Market Update: Flexacoin, Digibyte and Maker dominate the proceedings this Thursday

FXC/USD 4-hour chart

FXC/USD price chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP