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FLOW Technical Analysis: Will FLOW Prices Shoot Above $2.15?

Analytics

cryptoknowmics.com 10 September 2022 11:05, UTC
  
Reading time: ~2 m

FLOW prices reverse from the support trendline to form a double bottom pattern with a neckline at the overhead resistance of $2.15.  The FLOW prices restart the uptrend with a double bottom reversal from the $1.39 mark resulting in a 20% jump exceeding $1.50 to touch the neckline at $1.66. Furthermore, the triple white soldier pattern in the daily chart shows a promising recovery in FLOW market value that will continue in the coming week. However, the recovery rally faces opposition from the 50-day EMA, which may keep the bullish growth in check.

Key Points:

  • The FLOW price action showcases a double-bottom reversal.
  • The bullish reversal may shortly reach the psychological mark of $2.
  • The intraday trading volume in FLOW is $64.09 million.

FLOW/USD Price Chart Source - TradingView

FLOW Technical Analysis

The FLOW price shows a long-coming support trend line in the daily chart cushioning multiple downfalls along the way. Recently the support trendline helped the market value contain the 45% fall during August, leading to a double bottom pattern. The price action projects the possibility of an ascending triangle pattern with the overhead resistance of the $2.15 mark. Furthermore, the increased buying pressure supporting the bullish reversal increases the bulrush breakout possibility. However, the higher price rejection from the 50-day SMA close to the $2.15 mark reflects the possibility of a reversal within the ascending triangle. The $2.15 mark also acts as the neckline of the double bottom pattern, which may lead to a jump to the $2.67 mark upon a bullish breakout. Conversely, if the support and line fail to halt the correction phase, a downtrend to the $1.25 mark seems inevitable.

Technical Indicators

The daily-RSI slope shows no bearish divergence between the dips at the support trend line and exceeds the halfway line as it bounces from the 14-day SMA. The MACD and signal lines display a bullish crossover as the buying pressure increases, restarting the positive trend in histograms. Thus, the indicators maintain a bullish point of view for the upcoming trend in the FLOW prices and forecast a bullish breakout. Resistance Levels - $2.15 and $2.5 Support Levels - $1.80 and $1.50


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