Flow Crypto is Declining; Will It Slope More or Ascend Soon?

• 1 Technically, FLOW has been bearish, following a downward trendline and trading below key EMA levels. 
• 2 Social metrics like Twitter mentions and development activity are also on a downward trajectory, reflecting a fall in popularity and ongoing project work.

The FLOW Network chart presents the correlation between the volume and price. As per the Santiment chart, in March 2024, the asset volume and price were relatively high, indicating a gain in interest and activity. The volume mostly remained above $225 to $340 Million, and the price reached the top level around $1.635 in mid-March.

However, volume and price declined abruptly from mid-March, indicating decreased demand and excitement about the FLOW crypto price. The trading volume decreased below $200 Million, and the price dropped drastically, from $1.635 to $1.175. The current volume on the Santiment website is lower at $62.1 million, and the price is at $1.248. 

The FLOW price vs volume chart describes a decrease in volume along with the price decline, suggesting the continuation of the ongoing downtrend in FLOW. 

Social Dominance and Development Activity Analysis of the Flow Token

Moreover, the social dominance, including Twitter FLOW news(X), Twitter followers (X followers), and social volume (including active users of Telegram and Twitter), displays a negative trajectory. There is also a downtick in active users and Twitter chatter(X). These metrics confirm that FLOW is less popular in recent days and has been showing declined popularity and interest among users.

The decreasing number of tweets mentioning FLOW highlights its decreased growth and shows that it has not been among the trending tokens in recent times.

Furthermore, the development activity reflects the activity level in the form of undergoing projects and developments in the FLOW crypto. The developer’s activity shows that it is on the decline as well.

Flow Price Analysis Over daily time Frame 

The flow crypto price has been in bulls’ favor earlier and rose from the demand zone of $0.400 to the supply level at $1.70. The FLOW shattered all in-between resistances like $0.700, $1.00, and $1.450 during its advancement. 

However, the battle between bulls and bears intensified at the top resistance level of $1.70. Due to the bear’s strong presence at the top, the bulls ended up losing their traction and started slipping on the daily chart. 

However, Flow crypto has displayed a decline by following a downward trendline, as the price fell from a critical supply level of around $1.750 on the chart. If the Flow of crypto falls more, this huge drop could continue, as it has already reached the resistance level and started falling on the daily chart.

The FLOW asset is showing bearishness and falling potential as it declines, which makes a lower low structure side by side with a declining trendline. Also, the price structure is in-between major trend 20-day and 50-day EMAs.

Indicator Analysis And Flow Price Forecast

In the same way, the Flow crypto demonstrates bearish potential as MACD shows a bearish crossover, and the RSI is decreasing gradually, currently at 48.47. It signifies that the FLOW crypto asset is losing traction and can reach new lows after taking another possible decline from the declining trendline.

The overall chart of FLOW crypto assets demonstrates bearish behavior and shows more room to decrease. It has achieved a bad performance in the last week by -7.40% despite being in an uptrend for so long from the previous month and quarter, thus implying a robust downward direction dip possible in the coming day’s session on the daily chart.

At the time of publishing, the FLOW is currently trading at $1.252 with a slight intraday surge of 0.64%. Therefore, as per the price action, if the price bounces back to the downside again from the declining trendline and manages to break the nearest major support of $1.150, its price could dip more. However, one more possibility will prevail only if the price manages to get abrupt buying pressure to destroy the trendline resistance. Then, the target could be to reach $1.50 and $1.75.

Summary

The FLOW Network’s performance in March 2024 showed a strong correlation between volume and price, with both metrics peaking mid-month, indicating high interest and activity. However, a subsequent sharp decline in volume and price suggests a cooling off of demand and enthusiasm for FLOW crypto. The current lower volume and slight price recovery do not necessarily signal a downtrend reversal.

Social metrics like Twitter mentions and development activity are also on a downward trajectory, reflecting a decrease in popularity and ongoing project work. Technically, FLOW has been bearish, following a downward trendline and trading below key EMA levels. The MACD and RSI indicators support this bearish outlook, with the potential for further declines if the current support levels are broken.

Despite a recent minor price increase, the overall chart analysis suggests that FLOW may continue to face downward pressure in the near term. The price could fall further if buying pressure does not increase to break the trendline resistance. Conversely, if there is a significant uptick in buying, the price targets could be $1.50 and $1.75.

Technical Levels

Support Levels: $1.150

Resistance Levels: $1.50

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.