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- FLOW crypto price had recovered 70% form the 52 weeks lows and takes out $1.00 hurdle level.
- FLOW price had reclaim 50 day EMA and races towards the next supply zone of $1.400
FLOW coin price is trading with bullish cues and buyers are trying to hold the $1.000 breakout level. According to Coinglass, in the last 12 hours , FLOW Long and Short ratio stands at 1 which denotes the neutral sentiment in the derivative segment. Currently, The pair of FLOW/USDT is trading at $1.09 with the intraday gains of 5.93% and 24 hour volume to market cap ratio stood at 0.1788
FLOW price surprised investors and takes U-Turn
On a daily time frame, FLOW prices are reversing upwards with a positive momentum and bulls have succeeded to break out of a $1.00 hurdle level. In November FLOW prices witnessed a massive selloff and slipped below the $1.200 support level which triggered a negative sentiment and prices continued its downwards movement. Later in January prices found stability and after a little bit consolidation near the $0.700 level, buyers are trying to reverse the trend in the favor of bulls.
Recently, FLOW prices took support at $0.644 level and recovered 70% approx with an aggressive buying volume indicating some institutional buyers might have turned bullish in FLOW and expecting outperformance in the coming months. The bulls have succeeded in holding the prices above the 50 day EMA which is the indication of trend reversal but the confirmation will come when prices will be able to break out of the supply zone of $1.200 and $1.400 level.
The FLOW prices seem to be entering an overbought level and minor correction or consolidation is also possible in coming days. However, if any correction triggers $0.800 and $0.600 will act as a demand zone for bulls and responsive buyers may take this opportunity to build fresh long positions. The MACD had generated positive crossover indicating the strength of bulls and the RSI at 79 denotes overbought condition.
Summary
The FLOW coin price had surprised investors with its massive up-move and buyers seem to be confident to hold the lower levels. The technical analysis suggests that prices may remain in the favor of bulls and the 50 day EMA will act as a meaningful support if any minor correction triggers from the higher levels. Therefore, aggressive traders may look for buying opportunities for the target of $2.00 above by keeping $0.800 as SL. However, if prices drop below $0.600 bears may try to drag the prices further down towards 0.500 levels.
Technical levels
Resistance levels : $1.400 and $2.000
Support levels : $0.800 and $0.600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
