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- Token has shown bullish actions in the previous sessions.
- The pair of FLOW/USDT is trading at the price level of $1.061 with a decrease of -1.22% in the past 24 hours.
Token was trading in a long-term downtrend, which may have come to an end. FLOW token has demonstrated strong bullish momentum in recent days, sustaining above the 50 EMA on a daily time frame.
FLOW on the daily time frame
On a daily time frame, the token is trading below the demand zone. According to the daily chart, FLOW token is currently trading at $1.061, showing a loss of -1.22% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token has sustained above the 50 EMA and has entered a short-term uptrend.
Relative Strength Index: The asset’s RSI curve is currently trading at 73.59, indicating that it is in a strong overbought zone. The recent strong bullish momentum has caused the RSI curve to rise over 70 and reach a strong overbought zone. The RSI curve has crossed above the 14 SMA, indicating bullishness. If the price of the token continues to rise, the RSI curve will remain in the overbought zone in the coming days.
Analyst view & Expectations
The token is approaching the previous demand zone; if the token can sustain above it, the bullish trend will continue, forming higher highs and lower lows. Investors are advised to wait for the token to cross $1.282 level and sustain above it and then buy, investors who want to take early trade can buy now. Intraday traders, on the other hand, have a good opportunity to go long if the price breaks over $1.282 or short if the token rejects at this level and forms a strong bearish candle.
According to our current Flow price forecast, the value of Flow is expected to fall by -0.62% and hit $ 1.042 in the next few days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 51. (Neutral). Over the previous 30 days, Flow had 14/30 (47%) green days and 14.21% price volatility. According to our Flow forecast, now is not the time to buy Flow.
Technical Levels
Major support: $0.877
Major resistance: $1.282
Conclusion
On the daily time frame, the token has shown strong bullish momentum and has crossed the 50 EMA. Let’s see in the coming days token breaks above the previous demand zone or faces rejection and continues downward trend.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the 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.
