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- FLOW marks a price rise of about 2%, trying to break the downtrend.
- FLOW, on Earth Day, highlighted its energy efficient and scalable protocol to lure investors.
- The prices can consolidate for the upcoming week.
FLOW highlights its blockchain to be leading the way for sustainable technology in Web3 and green technology. The FLOW blockchain is built to be sustainable, energy efficient and scalable for the futuristic needs of Web3. The recent drop could be attributed to the recent retrieval in BTC from the $30,000 milestone. The dip made FLOW price fall by about 16% in the past week. The bears are hunting at shallow prices and can induce buying sentiments.
The Monoscopic View
FLOW price marked a downtrend matching the dip in BTC, after facing rejection at resistance $1.070. The volume suggests a spike in buyer interaction by about 335% in the last 24 hours. The current price action occurs beneath the EMA ribbon displaying bearish attributes and setting a pessimistic outlook among the investors. The Bollinger Bands slightly diverge to mirror the movement in the price. The sideways movement observed in FLOW price can continue for a brief period in the future. The uptick in OBV shows a rising pattern for the future, but doesn’t define the thrust.
FLOW price marks a bearish trend for several weeks as per Super Trends which can amplify with recent action. The CCI slightly retraces to reflect the contracting difference between present price and its historical prices. The MACD undergoes a bearish divergence and records ascending seller bars in the region below the zero-histogram mark. The RSI floats near the 40-range indicating sellers dominating the market.
The Microscopic View
In the four hour time frame, FLOW price is observed extending the bearish trend, as per Super Trends. The CCI rises to positive ranges in order to display a positive gap between historical prices and FLOW price at press time. The MACD forms a positive crossover and records ascending buyer bars. The RSI moves around 45-range to suggest declining seller interest and increase in buyers in the market.
Conclusion
FLOW price showcased matching price action with the dip in BTC price, by marking a downtrend. The current price action struggles to break the bearish pattern and can set a temporary consolidation phase to set off the downtrend. The bears can hunt the price dip and induce buyer action in the market. The holders can look for the support near $0.865.
Technical levels
Support levels: $0.865 and $0.650
Resistance levels: $1.070 and $1.235
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
