thecoinrepublic.com
- 1 Flow price currently trades at $0.433 with a loss of 0.69% during the intraday trading session.
- 2 FLOW price has dropped below 20, 50, 100, and 200-day exponential moving averages.
- 3 The year-to-date return of FLOW is -34%.
Flow crypto price gained bullish momentum during mid-June, hoping to recover from the losses at the beginning of the month. The bullish move was halted as the price reached near $0.80 and faced strong rejection which led to a decline in the cryptocurrency price.
FLOW price dropped strongly and formed a support level at $0.395. After the support formation, the cryptocurrency price surged and got stuck in a narrow consolidation zone, ranging between $0.435 and $0.47.
The current candle broke the support level of $0.435 but has not melted yet but broke the previous candle’s low, and is yet to close. If the current candle can close below $0.435 and the next candle can shatter the low of the current candle, it might melt toward the next support level of $0.395.
On the other hand, if the FLOW price can form a support at $0.435, it might rise and retest $0.47. For the price to retest an annual high, it must rise above $1.10.
Flow Integrates With Magic.Link
Imagine hearing about a thrilling new role-playing game all your friends have been discussing. Users enter the game’s website, only to be greeted with a ‘connect your wallet’ prompt.
This might seem easy for Web3 natives, but for the novice, it’s a long process of creating wallets, installing plugins, noting down random words, seeding unfamiliar funds, learning about gas fees, and dealing with bank verifications. The process might lead to the user giving up before entering the app.
The Magic collaboration with Flow solves this problem by allowing users to access decentralized applications securely within seconds. When users visit an app, click login, and enter their email, they are sent a ‘magic link’ that authenticates them into the app with just one click.
Will FLOW Price Break The Consolidation Zone?
The cryptocurrency price has dropped below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. The Chaikin money flow score still hovers above the 0 mark and currently trades at 0.04, implying slight strength in the market.
The relative strength index has dropped below the 50 mark and trades at 43.01, suggesting a rise in bearish momentum. The long-short ratio is 1.0064 with 50.16% longs and 49.84% shorts, indicating slightly higher positions from the buying side in the last 24 hours.
Conclusion
The daily active addresses of FLOW have dropped 97% in the last 90 days to 212. The daily transaction has also declined 96.2% to 22,167. The total value locked has also melted 20.2% to $4.3 Million. This shows that the current scenario is challenging for Flow.
Technical Levels
Major support: $0.395 and $0.35
Major resistance: $0.47 and $0.56
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.