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FLOW was designed to help the app developers, in providing them a fast and friendly blockchain. FLOW is known for delivering great customer experiences with games like CryptoKitties, Dapper Wallet, and many more. FLOW is already building top-tier content as compared to its other peers. Let us look at the technical analysis of FLOW.
Past Performance
On September 18, 2021, FLOW started trading at $20.62. As of September 24, 2021, the closing price of FLOW was $16.80. Thus, in the past week, the price tanked roughly by 18.52%. In the last 24 hours, FLOW has traded between $15.95-$18.01.
https://www.tradingview.com/x/7z7kv0i9/
FLOW Technical Analysis
Currently, FLOW is trading at $16.63. The price has increased from the opening price and is currently trading in a range. A breakout from this range will decide the future trend of the token. However, chances of breaking down are higher as the price is currently taking support from the bottom line of the range.
Now, the MACD and signal lines have entered the negative zone, that is, below the zero range. Plus, forming a bearish crossover by the MACD line over the Signal line. Thus, the overall market momentum is bearish, and we can expect the price to fall for the rest of the day.
The RSI indicator is currently below the equilibrium zone. The indicator is at 41%. It has rallied from the mark of 31%. Thus, indicating that the buying pressures have increased in the market. However, while looking at the long-term trend, it is making a bearish divergence.
Day-Ahead and Tomorrow
Currently, the FLOW price is taking support from the long-term trend line and trading above the Fibonacci pivot point of $16.30. This level has also acted as a long-term support level. After taking support at this level, the price can rally and form new highs.
Also, as some of the oscillators have shown bullish signals, we can expect the price to increase and test the Fibonacci pivot resistance level of $17.00 soon. If the price breaks this FIB resistance level, it will highlight the next resistance at $17.85. Traders can take a long position accordingly.
If the sellers start dominating the market, we will have to closely watch the level of $16 as an immediate support level. Moreover, if the price breaks this level, it can test the level of $15.28. Thus, traders can take a short position.
Moreover, FLOW is following a parallel channel range, any dip will be a good opportunity to accumulate.