Flux Price Recoils After New Web2 Partnership With OVHCloud

Flux price has been in a steady downward trend as the crypto sell-off intensifies. The token dropped to a low of $0.441, which was the lowest level since November 24. It has plunged by more than 91% from its all-time high.

Flux partners with OVHcloud

Flux is a small but fast-growing blockchain project that provides the infrastructure for developers to build decentralized applications. It describes itself as the next-generation computation network that makes it possible for developers to build, manage, and spawn applications on various servers at once.

Individuals can do several things on the Flux network. They can deploy applications on the network, become a node operator, stake the FLUX token and earn returns, store files in its decentralized exchange, and even mine the Flux token.

Some of the top applications using Flux are Online Compiler, Pivx, Dash, Yearn Finance, and Doge Node among others.

Flux price declined on Tuesday even after the developers announced a partnership with OVHcloud. OVHcloud is a leaving European cloud computing company that provides hosting, virtual private servers, domains, and other solutions to thousands of customers. 

The partnership will see Flux continue to bridge the gap between Web 2.0 and Web 3.0 infrastructure. As a result, Flux will get more nodes on the network and then increase its computational security. In a statement, the head of OVHcloud accounts said:

“On top of performance and scalability, Flux and their users can also count on our trusted and sustainable cloud infrastructure, with a proven track record in energy efficiency and operational sovereignty.”

The announcement came a few weeks after Flux introduced feature that allow developers to use direct fiat payments. It also launched a new decentralised persistent storage development.

Flux price prediction

The daily chart shows that the FLUX price has been in a strong bearish trend in the past few days. In this period, it has managed to move below all moving averages. Oscillators like the Stochastic and the Relative Strength Index (RSI) has moved below the oversold level.

Therefore, the Flux token will likely continue falling as sellers target the next key support level at $0.35. This view will be confirmed if the price manages to move below the important support level at $0.40. A move above the resistance point at $0.50 will invalidate the bearish view.