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- Flow price sustained above the 50 day EMA but the confirmation of short term trend reversal is still awaited
- Flow crypto price struggles to breakout of the downward sloping trendline
- Flow technical indicators are turning mild bearish but the price action is still in the favor of bulls.
Flow crypto price is trading with mild bearish cues and bear’s are trying to drag it down below the $1.000 mark to show its dominance on the higher levels. Currently, The pair of FLOW/USDT is trading at $1.044 with an intraday loss of 1.51% and the 24-hour volume to market cap ratio at 0.0636
Is the Flow price undervalued?
On a daily time frame, Flow prices are in a downtrend and prices were unable to break out of the downward sloping trendline which indicates that the bear’s are still active at higher levels.
In the beginning of January, Flow prices took support at $0.635 and reversed upward with the positive momentum which helped the bulls to reclaim the 50 day EMA but unfortunately prices lacked the follow up movement and got stuck in the narrow range consolidation.
Flow prices are near to the lower range and if the overall market sentiment remains positive then the probability of the upside breakout increases which can work out in the favor of bulls. On the higher side $1.287 will act as an immediate hurdle for the bulls and if succeeded to break out of the hurdle level then the prices can rally towards the $2.000 in a short span of time.
The technical indicators of the flow are turning mildly bearish but the price action is still in the favor of bulls and indicating that the $0.800 will act as a short term base and prices will hold the support levels in the coming days. The MACD has generated negative crossover which indicates mild bearishness and the RSI curve at 52 denotes the balance between bullish and bearish positions.
Summary
Flow prices had shown a decent recovery from the lows but prices are still struggling to hold the 50 day EMA which shows that the sellers are still active at the higher levels, However, the price action is still in the favor of bulls and expecting a bounce back from the current levels. Therefore, Aggressive traders might look for buying opportunities for the target of $1.500 and above by keeping $0.600 as SL. On the other hand, if the price drops below $0.600 then bear’s can drag it down to the new lows.
Technical levels
Resistance levels : $1.300 and $1.949
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.
