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- 1 Flow price is currently trading at $0.568 while witnessing a loss of 1.22% during the intraday trading session.
- 2 FLOW price trades below 20,50,100 and 200-day EMAs.
- 3 The 24-hour trading volume is down by 12.17%.
Flow price entered into a bullish trend during mid-June after forming support at the $0.45 level and surged roughly 75%. The cryptocurrency recovered its losses which occurred at the beginning of June 2023. Since then, the price has been in decline as it faced strong rejection from $0.791.
After the meltdown, the FLOW price formed support at $0.575 and initiated a rally to retest the high but the move was halted at $0.674. The previous candle was successful in closing below $0.575. The current candle has broken the low of the previous candle and is headed toward $0.50.
The current market structure shows a high probability for the price to melt down toward $0.50 causing a downfall of roughly 11%. The $0.56 level has also acted as support for the price as previously it was rejected by it.
Flow Network Activity
The daily active addresses peaked on July 14, 2023, to 346,650 after which there has been a sharp decline. However, the daily active addresses have surged 8.7% to 25,770 in the past 30 days. The daily transaction crossed a million mark on July 14 2023 and has currently declined to 497,164.
In the past 30 days, the daily transaction has decreased by 7.7%. The total value locked also experienced a decline of -23.3% to $4.3 Million in the past 90 days.
The market capitalization of FLOW has decreased by 2.01% to $ 587,880,869. The 24-hour trading volume is up by 11.78%. The price is down 98.77% from the all-time high of $46.16 and up by 30.77% from the all-time low of $0.43.
Will Flow Price Melt To $0.50?
The cryptocurrency price trades below 20, 50, 100, and 200-day exponential moving averages suggesting bearish momentum. FLOW has faced rejection from the 20-day EMA and might act as resistance for the price if bearish momentum persists. Chaikin money flow (CMF) score is -0.14 indicating weakness in the market.
CMF has witnessed a rise from -0.34 indicating an increase in the participation of bulls. The relative strength index (RSI) has dropped below the 50 mark and currently, it trades at 40.57 suggesting a rise in bearish momentum.
The Bollinger bands have contracted implying low volatility in the market. The long/short ratio is 0.95 with 48.89% longs and 51.11% shorts suggesting a slightly higher pressure from the selling side in the last 24 hours.
Conclusion
The FLOW price action states that the flow price is trying to escape the consolidation zone. Technical parameters suggest a rise in bearish momentum and a high probability of price melting down toward the $0.50 level.
Technical Levels
Major support: $0.50 and $0.45
Major resistance: $0.65 and $0.72
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
