FLUX Breaks Descending Wedge Pattern With 144.54% Price Target

FLUX has recently broken out of a descending broadening wedge pattern that had been forming since late 2023, indicating a potential reversal in the trend. The price is currently consolidating near the breakout zone, with the retest of this zone being crucial in determining whether the bullish momentum will be sustained. The breakout projects a price target of $0.5239, based on the structure of the wedge, pending confirmation of the ongoing retest.

The breakout occurred on the daily time frame, with the price now at $0.2713 and no movement in the past 24 hours. The formation of the wedge had contained a steady downtrend channel before this breakout, which had persisted for several months, signifying a prolonged duration of accumulation. FLUX is now testing the upper boundary of the pattern, and the market is awaiting confirmation of the breakout's strength.

The breakout above the descending wedge pattern aligns with increasing trading activity. Technical data indicates a support level at $0.2538 and resistance close by at $0.2742. FLUX has just broken the top resistance of the wedge with good bullish momentum, and a test of this breakout area is ongoing. The retest phase is significant because it tends to decide whether price action will continue the new rising structure or reverse.

The 24-hour range was $0.2538 to $0.2742, with close consolidation around the new breakout area. In the event of the retest staying above the old resistance turned support, further bullish continuation may be confirmed. The market reaction during this retest will likely define FLUX’s short-term direction. However, the price is yet to make a decisive move above the $0.2742 resistance zone.

According to the measured move from the wedge’s widest point, the projected price target stands around $0.5239. This represents a potential increase of approximately 144.54% from the current level. The green highlighted zone in the chart indicates the possible expansion range if the retest confirms.

The breakout suggests a shift in price structure from bearish to potentially bullish. Price action has shown several higher lows leading into the breakout, signaling strength buildup within the wedge pattern. Currently, the market structure remains sensitive to price validation above the breakout zone. Therefore, the upcoming sessions will be key in determining how the price action evolves around this technical region.

Since late 2023, FLUX had been trending within the confines of the descending broadening wedge, posting lower highs and lows. But in May 2024, the structure started to contract with higher lows forming. This development ultimately led to the current breakout. During the wedge period, multiple rejection points occurred along the upper boundary, reinforcing the pattern’s resistance strength. Now that this resistance has been broken, market participants are closely watching for confirmation. The retest in progress follows a strong upswing that pushed the price through the upper trendline. If confirmed, this would finalize a trend shift in technical terms. The next few sessions are expected to be pivotal for FLUX’s near-term outlook.