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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

China prohibits units and individuals from creating and selling cryptocurrencies

The new draft of legal comments clearly states that no individual or unit can produce or sell tokens to replace CNY in circulation in the market. The violation of this law will have severe consequences according to the draft.

More Cryptocurrencies News

Uniswap Price Prediction: UNI needs to crack $3.1 for a massive price explosion

Uniswap has been in a downtrend for several weeks now while bulls attempt to see any kind of rebound. The digital asset seems to be facing a crucial resistance point. Let’s take a look at several indicators and patterns to determine the direction of the price.

More Uniswap News

Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

More Bitcoin News

Yearn.Finance Price Prediction: YFI looks poised for a breakout towards $20,000

YFI has been trading inside a massive downtrend since September 12 and formed a head and shoulders pattern that broke bearishly. After losing close to 70% of its value over one month, the digital asset seems ready for a massive rebound. 

More Yearn.Finance news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast

BTC

ETH

XRP