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- 1 The FLOW price signified profit booking and slipped to the 20-day EMA support mark.
- 2 The FLOW coin trades near the crucial trendline support and is awaiting a pullback.
The FLOW coin (FLOW) price signifies retracement moves and has retested the 20-day EMA mark. The technical indicators suggest a trend reversal ahead, and a bearish crossover is noted on the charts. Moreover, the price action indicates that a fresh lower high swing was made, which may lead to a correction in the short term. The mark of $1.20 will act as downside support if any selloff happens in the following sessions, whereas the upside of $1.50 is the immediate resistance level.
At press time, the Flow coin (FLOW) price was trading at $1.34 with an intraday drop of 1.90%, reflecting neutrality on the charts. It has a monthly return ratio of 26.67% and 37.45% on a yearly basis. The pair of FLOW/BTC is at 0.0000191 BTC, and the market cap is $1.39 Billion. Analysts are neutral and suggest that the FLOW price may slide soon and may retest the support zone of $1.20 shortly.
FLOW On Daily Charts Suggesting Trend Reversal Ahead
The above data showcased that the coin price has failed to extend the gains and is hovering near the trendline support zone, which, if it breaks, a possible retracement move toward $1.20 can be seen. The sellers have also entered the game, made fresh short positions, and are keen to push the coin toward the 100-day EMA mark. The intraday trading volume slipped over 13.90% to $68.37 million.
Price Volatility and Sentiment Analysis
Per the Santiment data, the price volatility noted a decline of over 23% and reached 0.072. Similarly, the total weighted sentiment value witnessed a sharp decline, and the value reverted to a negative region, noting around -0.895, implying a negative outlook.
Social Dominance and Twitter Follower Outlook
Amidst the price retracement, the social dominance value noted a bounce, around 0.373%, and a positive outlook was noted. Similarly, the number of Twitter followers rose to 1340, a gain of over 29% this month noted.
Development Activity and Open Interest Overview
The development activity noted a decline of over 11% to 201, revealing a neutral outlook. However, the derivative data signifies a short buildup activity, and the open interest surged over 1.89% to $24.88 million.
Per the Fib retracement levels, the FLOW coin has sustained above the 38.2% zone. The RSI curve stayed near the midline, forming a negative crossover on the charts.
The total supply of the FLOW coin is 1.46 billion, and the volume-to-market cap ratio is 0.0494. FLOW coin ranked 84th in the global crypto market per the market cap.
Summary
The FLOW coin signifies a retracement move and has slipped to the 20-day EMA mark, suggesting a possible correction ahead. Moreover, the price action signifies a change; a fresh lower high formation was noted, which indicates a trend reversal.
Technical Levels
Support Levels: $1.20 and $1.0
Resistance Levels: $1.50 and $1.80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
