Home
News
- 1 Flow price is currently trading at $0.624 while witnessing a decrease of 0.32% during the intraday session.
- 2 Flow is trading below 20,50,100 and 200-Day EMAs.
- 3 The 24-hour volume of Flow price fell by 43.22% and is currently at $12 Million.
Flow price has been in a strong bearish momentum since the beginning of March. The bullish rally for flow started during the beginning of 2023, when price started to rise from the low of $0.647. Due to the bullish momentum, the price rose to $1, setting $1.446 as the new high.
Flow price received strong rejection from the $1.44 level, which triggered a drop in the price. The cryptocurrency price then formed a support at $0.85 level and gained bullish momentum to again rise above $1, but the move did not sustain.
Recently, Flow price entered into a consolidation phase ranging between $0.735 and $79. On May 31, price gained enough bearish momentum to shatter the support level of $0.735. Flow price has breached the yearly lows and is now trying to form support near the $0.62 level.
The all time low of flow price has been breached already. Traders should wait for the price to form a support before looking for any bids. Bulls need to jump into the market to protect price from further downfall.
Flow Included In SEC’s Lawsuit
The SEC stated that Flow, including Solana, Cardano, Polygon and few other altcoins are securities under the United States law in lawsuits against major crypto exchanges. The SEC has added some more coins to the list. The list included Flow token. All Altcoins are suffering due to the SEC’s lawsuit.
Will Flow Price Fall Below $0.60?
Flow price trades below 20,50,100 and 200-day EMAs indicating bearish momentum in the price. The relative strength index has crossed the 30 mark and is currently residing in the oversold zone. Flow price has not shown any signs of reversal or pullback till now. Firstly, It needs support to initiate recovery. The Chaikin money flow score is -0.02 indicating weakness in the market.
Although the price action is showing high bearish momentum, the CMF is showing a slight weakness which indicates a divergence. The bands of bollinger have expanded, suggesting high volatility. The price has reached the lower band of bollinger suggesting a chance of pullback. The long/short ratio is 1.55 with 60.9% longs and 39.1% shorts indicating that the bulls jumping into the market to protect the price from downfall in last 24 hours
Conclusion
The market structure and price action for Flow price is bearish. Flow price needs to form a support for initiating a recovery. The SEC lawsuit fueled the bearish momentum which was already ignited in the Flow price. The technical indicators favor the possibility of a short term pullback.
Technical levels
Major support: $0.62 and $0.60
Major resistance: $0.715 and $0.790
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
