Key Takeaways

• Formerly the native token of the CoinFLEX crypto exchange, FLEX now operates in the OPNX bankruptcy claims platform.
• FLEX had a spectacularly good June 2023, rising by nearly 300% at a time when the overall market only grew by about 5% and has continued its good form into July. 
• With FLEX barely affected by the SEC’s legal threats, what’s next for the token?

The FLEX token has shown that, perhaps appropriately given its name, it is one of the more versatile tokens out there.

Having started life as the native crypto of the ill-fated CoinFLEX exchange, it moved on to support the OPNX platform when that was set up after a restructuring.

Although OPNX is still in its infancy, FLEX has performed well, despite relatively low trading volumes on the network.

Indeed, FLEX rose by almost 300% in June 2023, despite the overall crypto market struggling after the news that the United States Securities and Exchange Commission was suing the Binance and Coinbase crypto exchanges, and has grown more than 5% so far in July. This news has seen it benefit from the ruling that Ripple’s XRP cryptocurrency is not an unregistered security, providing that it is being sold on exchanges. 

But what is FLEX ? How does FLEX work? Let’s see what we can find out, and also take a look at some of the FLEX Price Predictions that were being made as of 21 July 2023.

FLEX Explained

The FLEX  cryptocurrency was originally used to support the CoinFLEX crypto exchange. When CoinFLEX flirted with bankruptcy in 2022, it was restructured and reborn as OPNX . 

The platform is run by former CoinFLEX bosses Mark Lamb and Sudhu Arumugam and Kyle Davies and Su Zhu from the now-defunct Three Arrows Capital crypto hedge fund. 

OPNX is an exchange based on the Ethereum (ETH) blockchain which is designed to help people trade in bankruptcy claims. These claims are tokenized, or put on the blockchain, and people can buy and sell them in the hope of making a profit.

OPNX is supported by the FLEX crypto token.

How FLEX Works

OPNX takes bankruptcy claims and turns the money that people are out by defunct companies – mainly based in the realm of blockchain finance – and turns them into tokens. 

The idea is that, if someone has had crypto in an organization or exchange that is going through bankruptcy proceedings, they can tokenize their holdings and trade them. 

At the time of writing, people could only access claims from the Celsius (CEL) crypto lending network, although other platforms should be made available soon.

OPNX also serves as a regular crypto exchange, allowing people to trade coins and tokens. 

FLEX is used to grant people discounts on OPNX trading fees. It can also be exchanged for the OX token, which gives holders the right to vote on changes to OPNX. FLEX can also be bought, sold, and traded on exchanges. 

Because FLEX is based on Ethereum it is, technically speaking, a token, rather than a coin. You might see references to such things as a FLEX coin price prediction, but these are wrong. 

FLEX Price History

Let’s now take a look at some of the highlights and lowlights of the FLEX price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a FLEX price prediction. 

When FLEX first came onto the open market in February 2020, it was worth about $0.25. Barring a spike to around $2.50 in September, it stayed there throughout the year. 

The crypto market picked up pace in early 2021, but it was not until the summer of that year that things really heated up for FLEX, with it breaking past the dollar in August and continuing its upward momentum to reach an all-time high of $7.20 on 1 December.

By the end of the year, it was worth $5.92.

In 2022, FLEX suffered, as did most other cryptocurrencies, and a series of market crashes saw the price collapse. After CoinFLEX announced  it was pausing its withdrawals in June, the value of FLEX dropped down below $1 and, following the collapse of the FTX exchange in November, it closed the year at $0.055, an annual loss of more than 99%.

So far, 2023 has proven to be a little better. The news about OPNX launching helped it to reach highs of about $2.90 in March. It went down after that, dropping below the dollar in May.

At a time when most coins and tokens fell, FLEX enjoyed a very productive June, with its price increasing steadily until it closed the month at $3.98.

July saw more growth as the market celebrated following Judge Analisa Torres’ decision. On 19 July, it traded at $5.66, but has since dropped down pretty dramatically. On 21 July 2023, it was worth about $4.20.

At that time, there were 98.6 million FLEX in circulation, representing the total supply. This gave the token a market cap of about $414 million, making it the 218th-largest crypto by that metric,

FLEX Price Analysis

When measured against a market that suffered following the news that the SEC was taking legal action against Binance and Coinbase, FLEX has done remarkably well over the last month or so. 

Starting the month at about $1.07, it grew steadily across the month. However, it wasn’t totally immune to market events – the fallout from the news that Crypto.com had suspended its US institutional arm saw it drop nearly 20% from $2.28 to $1.86 in just hours on 10 June – it more than trebled throughout the month, with its closing price of $3.98 more than 270% higher than on 1 June.

In July, the price of FLEX continued its upward trajectory, surpassing the previous month’s high. On 30 June, it reached $4.53 at its highest peak but then fell 37.77% to $2.83 on 13 July. This could have been an early sign of a change in sentiment as the price fell by 37.77%. It has, however, picked up again. 

After measuring a 98% increase to a monthly high of $5.66 on 19 July, how much potential does the price of FLEX have? 

FLEX Price Prediction Analysis

FLEX has been, broadly speaking, bullish over the last few months. Since December 2022, we have seen the start of an impulse wave. 

After wave two ended as in May 2023, another run-up took place. in which the current July rise is a lower-degree part. From its May low of $0.588, the price increased by 860%, to 19 July.

This Fib level is the most optimal target for the completion of wave 3, which means that the rise could have ended, or that it has only one short push to an upside for a proper interaction. 

Looking at the one-hour chart, we can further examine the wave fractals to project further upside price potential. 

Currently, the price of FLEX is experiencing some weakness, but this might just be a minor thing that will set up the price for another high. 

This lower time-frame picture overlaps with the higher-time frame projection If the projection proves to be true, the price target for the end of the current rise would be around $5.86. 

Point of invalidation 

Since the primary count is bullish, we must outline what would invalidate it. 

The Elliott Wave Principle, which suggests that price movements take place in five waves,   the price of FLEX should not go back to where it was in its first wave. Looking back at the four-hour chart this means that if the price goes below $3, it could invalidate the possibility of the price continuing its upward trajectory. 

FLEX Price Prediction 

With that all out of the way, let’s take a look at some of the FLEX price predictions that were being made as of 30 June 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.

Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice. 

First, CoinCodex  had a short-term FLEX precise prediction that said it would reach $4.71 by 26 July. The site said that the token would then climb to $4.94 by 20 August.

Perhaps unsurprisingly, the site’s technical analysis was highly bullish, with 23 indicators making encouraging signals compared to just seven making bearish ones. 

FLEX Forecast for 2023

In terms of other FLEX price predictions for 2023, DigitalCoinPrice  said it would get to $8.77, while PricePrediction.net  had it coming in at $5.84 and Bitnation  had it worth $6.30 this year. 

FLEX Forecast for 2025

When it came to making a FLEX price prediction for 2025, Bitnation was out in the lead, saying it would reach $14.70 that year, while DigitalCoinPrice said it would be worth $14.37. PricePrediction.net was a bit more cautious, with its FLEX price prediction saying it would be worth $12.10. 

FLEX Forecast for 2030

Moving on to a more long-term FLEX price prediction for 2030, PricePrediction.net was the most optimistic, saying it would trade at $79.84 that year, while Bitnation had thought it would be worth $35.69 and DigitalCoinPrice said it would hit $42.63 at the start of the next decade.

Is FLEX a Good Investment?

It is difficult to tell. On one hand, OPNX is still pretty new and allows users of only one failed crypto platform, Celsius, to trade in their bankruptcy claims. On the other hand, there is the potential for it to grow to allow people who held coins and tokens in the likes of Mt Gox and FTX to do something with their long-lost crypto.

It is also worth noting that FLEX has been one of the best crypto performers throughout the course of the last six weeks or so. Its rise would make it noteworthy in most eras, but for it to happen during a tough time for the market is quite something.

On the other hand, there is no telling as to how long it will last. When you consider that the people behind OPNX were responsible for two platforms that faced bankruptcy last year, one could be forgiven for being somewhat cynical.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in FLEX.

Will FLEX go up or down?

No one can really tell right now. While the FLEX crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in FLEX?

Before you decide whether or not to invest in FLEX, you will have to do your own research, not only on FLEX, but on other, related, coins and tokens such as Uniswap (UNI) or Binance (BNB). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

FAQs 

How many FLEX are there?

On 21 July 2023, there were 98.6 million FLEX in circulation, representing the total supply. 

Will FLEX reach $100?

It might do, but it probably won’t happen for a while. PricePrediction.net has FLEX reach three figures in 2031. Keep in mind that its all-time high is significantly lower than $100, with it peaking at $7.20 on 1 December 2021. 

What is FLEX used for?

FLEX gives people discounts on the OPNX platform, and it can also be bought, sold, and traded on crypto exchanges. 

Chart analysis provided by Nikola Lazic

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.