- What is Flux? A beginners guide to its historical price and how it works.
- The current price is below Moving averages and it is close to a major support level.
Flux is a scalable and decentralized Web3 infrastructure designed to facilitate the creation, development, and management of applications on servers. It utilizes proof of work (POW) consensus technology, enabling the implementation of secure data feeds within smart contracts. The Flux network is composed of 2,300 nodes, collectively known as flux nodes, representing a next-generation decentralized Web3 network.
Originally launched as ZelCash in 2018, the project later rebranded to Flux. Within the Flux ecosystem, there is a native token called “flux,” currently circulating with a supply of 315 million coins and a maximum supply capped at 440 million.
How Does Flux Work?
Flux is more than just a traditional blockchain; it is a comprehensive ecosystem with various components aimed at fostering decentralization across the web3 landscape. The ecosystem includes:
- Native Currency: FLUX, which can be mined, serves as the native token of the Flux network.
- Operating System: FluxOS, a Linux-based operating system, provides a foundation for decentralized applications and other functionalities within the ecosystem.
- Decentralized Network: Flux nodes collectively form a decentralized network, ensuring robustness and security for the platform.
- Digital Asset Network: Zelcore serves as a digital asset network within the Flux ecosystem.
- The Flux Blockchain: This is the core blockchain of Flux, designed to offer interoperability with other blockchains and provide access to the world of Decentralized Finance (DeFi).
By combining these various components, Flux aims to establish a strong foundation for web3, enabling decentralization across the entire ecosystem, from currency and digital assets to applications and operating systems.
Flux’s Historical Pricing and Technical Insights
After experiencing a crash at the beginning of 2022, the price of Flux embarked on a bullish trend in August 2022, swiftly rising from $0.5 to $1.21 within just 8 days. Despite attempts by bears to push the price down, the bulls managed to hold their ground, driving the price even higher to $1.4 in September 2022. However, the momentum shifted, and a downtrend persisted until November 2022.
On January 23rd, the coin reached its last high, benefitting from a favorable turn during the New Year’s Eve. However, since then, the downtrend has remained dominant, and the current price of Flux stands at $0.42.
Currently, the price of Flux is experiencing a downtrend, with the levels situated below the 50-day moving average (DMA). Notably, there are two significant support levels that together create a support zone. The first immediate support is at $0.387, while the second major support rounds off at $0.300. As for resistance levels, the immediate one is at $0.41, and a stronger resistance level stands at $0.711.
Given the current downtrend, the price is seeking a strong support level However, if no reversals occur, the support level may likely break. At present, the price could consolidate between the immediate support and resistance until a breakout occurs.
Conclusion
Flux, initially launched as Zelcash in 2018, is a scalable and decentralized Web3 infrastructure that empowers users to create, develop, and manage applications on servers. It operates on proof of work (POW) consensus technology and encompasses several key components, including its native currency FLUX, the FluxOS operating system, Fluxnodes for decentralization, the Zelcore digital asset network, and The Flux blockchain.
The price of Flux experienced a bullish trend in August 2022, but it has since shifted to a downtrend, with the current price trading below moving averages.
