FLEX surges 370%, investors at high risk
FLEX coin has emerged as the top gainer among the top 500 cryptocurrencies. However, key indicators suggest a sell signal.
FLEX is up by 370% in the past 24 hours and is trading at $2.06 at the time of writing. The rally comes while data shows a $203 million market cap and a daily trading volume of $168,000 for the asset.
This movement could usually suggest the manipulation of an asset’s circulating supply.
Since dropping from its all-time high of $8.16 on Aug. 10, FLEX witnessed 19 sudden moves between $0.44 and above $2.
According to data provided by the market intelligence platform Santiment, FLEX’s Relative Strength Index (RSI) rallied from 31 to 88. This indicator suggests an incoming price dump as the asset sees an abnormal momentum.
Data from Investors Observer also gives FLEX a high risk and volatility score. The data provider claims that the token’s price could see big moves with just a “few dollars.”
According to an announcement by CoinFLEX, the platform ceased all operations on Oct. 31.
