thecoinrepublic.com
- 1 FLOW has been trading in a downside parallel channel and can see a new low
- 2 Technical indicators are currently not in favor of Bulls.FLOW/BTC pair has seen a drop of 2.84%
FLOW is a blockchain designed to support decentralized applications and digital assets. The Flow network was created by Dapper Labs which was also the team behind popular blockchain-based games CryptoKitties and NBA Top Shot. The goal of Flow is to provide a platform that is highly scalable, secure, and developer-friendly, allowing for the creation of complex smart contracts and Dapps FLOW also supports NFT and in-game digital assets. Flow’s NFT support has made it a popular choice for developers looking to create blockchain-based games and other applications that require the creation, transfer, and ownership of unique digital assets. The design of FLOW is unique as it can become scalable without the need of the Sharding in its protocol. Smart contracts on FLOW are easy to design as the language of the FLOW is easy, understandable and safe.Many are expecting a strong rebound in price in the near future.
FLOW price is currently down by more than 97% from its all time high but can see a comeback to that level. It has a market cap of $989 Million and is ranked 48th in the cryptoverse. Volume to market cap ratio of FLOW suggests a consolidated trend in price
Will FLOW Escape The Channel?
The weekly technical chart of FLOW suggests a consolidated trend in price.On the daily chart it is trading near $0.964 with a fall of more than 0.5% in the intraday session. It is trading in a downside parallel channel..If it jumps above the parallel channel a strong upside momentum in price can be seen in the future. FLOW resistance can be seen near the value of $1.2.Meanwhile the support of the asset price can be seen near $0.8.It is trading below the 50 and 100 Daily Moving Average.There is a negative crossover in the recent days. This can push the asset price to a new low in the future.
RSI of the asset price is near 35 suggesting its presence in the oversold zone.There is small positive slope suggesting a weak upside trend in price.
Conclusion
FLOW has been affected by the downside trend of the crypto market, It has been in a downside parallel channel but can see a bounceback. Various analysts are expecting a strong rise in the asset price in future,
Technical Levels
Major Support:$0.75
Major Resistance:$1.2
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 assets comes with a risk of financial loss.