- Flow prices have surged by 50% from an all-time low in the past 3 weeks.
- Flow coin observed an open interest of $400K on the long side against $27.7K OI on the Short side in the last 24 hours.
Flow cryptocurrency is a blockchain platform that offers speed, decentralization, and a developer-friendly environment. It is designed as the basis for a new generation of games, apps, and other digital assets.
The flow price is currently trading at $0.64 which has surged 4% from its previous day’s closing. It holds a market cap of $661,829,939 and ranks at 66th position out of all the cryptocurrencies. The volume to market cap ratio of flow coin is 16.96% indicating medium volatility in the market.
Flow price prediction highlights that the past months were not bullish for the coin as it was in a correction phase since February 2023, and was corrected by forming a falling wedge pattern. In June 2023, the price made an all-time low. However, from the past 3 weeks, a strong buying momentum with rising volume was observed in the coin due to which price surged by more than 35%.
Flow Price Prediction: will FLOW Change its Trend?
Source: FLOW/USD by TradingView
Flow price is up by 4% from its previous day’s closing and it is currently trying to sustain near the breakout zone. The participation of buyers for the last 3 weeks made the coin break the falling wedge pattern.
As per the future price prediction of Flow coin in the long term, the price is trying to create a higher high and sustaining blow a resistance level of $0.788. Now if the price breaks above the 0.788 level, then a bullish momentum may be observed and the price may rise to $0.98.
However, if the price fails to break above, then sellers will try to dominate the market and push the price down to test the buyer’s strength at lower levels.
Source: FLOW/USD by TradingView
At the time of publishing, the Uniswap coin (BITSTAMP: FLOW) cryptocurrency price is trading below the 100 and 200 EMA (exponential moving average) and trying to take support from 50 EMA which indicates the buyer’s presence in the short term.
The current value of RSI is 54.03 points and the 14 SMA is above the median line at 51.08 points which indicates bullish sentiment in the market. RSI has recovered from the oversold zone and moving upwards taking support from the SMA line.
MACD has also shown a bullish crossover and moving upwards above the mean line indicates bullish sentiment in the market
Conclusion
The Flow price prediction highlights that the sentiment is changing from long-term bearish to short-term bullish in the market. It is also observed that the price has soared over 35% in the past 3 weeks. Daily volumes traded are also above the mean line. and the price is forming higher highs and higher lows. Technical Indicators are also showing positive notes about the future price.
Technical Levels
- The support levels at $0.51 and $0.45.
- The resistance levels at $0.78 and $0.98.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
