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- 1 Flow price currently trades at $0.430 with a gain of 0.23% during the intraday trading session.
- 2 Flow price trades below all the major exponential moving averages.
- 3 The year-to-date return of Flow is -34.15%.
Flow price has been in a downtrend, forming lower lows since the formation of a high at $0.791 on 3 July 2023. The cryptocurrency price gained strong bullish momentum during the middle of June after the release of news regarding BlackRock, an investment banking firm, filed for Bitcoin ETF.
Flow price did rise from the support level of $0.45 and surged approximately 73%. Recently, Flow entered into a narrow consolidation ranging between $0.54 and $0.56 but during the middle of August, the price finally broke the support and melted.
Flow price was hovering in the range of $0.44 and $0.48 after the meltdown. On September 1, the candle was successful in breaking the support level and closing below it. The previous candle closed as a weak bullish candle with a long lower wick and small body.
The current candle is bullish and has broken the high of the previous candle. If a candle can break the low of the previous candle, the price might then fall toward the support level of $0.395 and fill the lower wick of the 17 August candle.
On the other hand, if the asset price can re-enter back into the zone, the price might retest the high of $0.48.
Network Activity Of Flow
In the last 90 days, the daily active addresses of Flow have surged 928.7%, reaching 172,993. The daily active addresses peaked on 14 July and touched 346,450. However, the daily transaction has witnessed a drastic fall since 31 August, coming down from 840,070 to 496,315. The daily transactions have also increased by 82.2% in the last 90 days.
The total value locked has also witnessed a notable downfall since 3 July. Total value locked on 3 July, reaching $5.86. Currently, the TVL has dropped 19.6% to $4.18 Million in the last 90 days.
Will Flow Price Fill The Lower Wick Of 17 August Candle?
The cryptocurrency price has dropped below 20,50,100 and 200-day exponential moving averages, suggesting bearish momentum. However, the Chaikin money flow score has climbed above the 0 mark and currently trades at 0.13 indicating strength and capital inflow in the market.
The relative strength index is hovering near the oversold zone for the past couple of days. RSI trades at 29.55, entering the oversold zone, which indicates chances of short-term pullback and reversal.
The long-short ratio of Flow is 1.18 with 54.26% longs and 45.74% shorts indicating a higher position from the buying side in the last 24 hours.
Conclusion
The market structure and price action of Flow is bearish but bulls have started to enter the market.
Technical levels
Major support: $0.395 and $0.35
Major resistance: $0.48 and $0.54
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.
