FLOW Reclaims Green Turf After 7-Day Losing Streak

FLOW relishes its winning streaks as the coin trades at its peak Thursday, and shoots upwards after a 7-day losing streak.

• FLOW registers peak levels, shows renewed vigor after a week
• Price sets sights on a new key resistance at $3
• Token dips by 17.47%, currently trades at $2.28

The uptrend came unexpectedly especially since FLOW’s market cap is trading lower at 1.14%. Other altcoins like SHIB also declined by as much as 10%.

FLOW, One Of The Strongest Movers On Thursday

FLOW was undeniably one of the strongest crypto movers on Thursday as the coin was able to rebound following a slump for seven straight days.

The crypto’s recent price drop reaching $2.54 also positioned itself as a support point. But, similar to what happened on August 8, the bulls decided to crash the party which has propelled FLOW to reach $2.80.

Chart from TradingView.com

Since the coin has bowled over the support point, it appears to be eyeing the $3 resistance level next. But, for FLOW to inch closer to its target zone, the token should be able to surpass the looming obstacle in the RSI.

RSI index reads at 60.32 which is way below the ceiling level of 61.19, which historically is the zone that bears favor.

FLOW Sets Crosshair At $3

Decentralization is now marking its territory in the blockchain space. With that being said, many projects are now strung together to create a game-changing DeFi culture.

The crypto is the newest network to dip into DeFi with its DAO infrastructure spawned as CAST.

CAST is pivotal in attracting more projects into the Flow network. This outcome boosts the opportunity for the coin.

On July 28, the price of the crypto has peaked at $1.78 following a 9.6% uptrend seen overnight. FLOW price increase was also precipitated by the announcement of CAST which may have triggered an optimistic market sentiment.

FLOW total market cap at $2.33 billion on the daily chart | Source: TradingView.com

It’s still undetermined whether the FLOW price can continue to bolster or keep up with the uptrend. Amid the uncertainty of its consistency and performance to maintain its bullish streak, the recovery exhibited by the token in the 50-day moving average speaks volumes of the token’s potential.

This indicates that the crypto is enjoying a strong demand close to that exact indicator. Flow started the week on a bearish movement, prompting the bears to push a little below the RSI level at 50% before the rebound.

As it is, FLOW is currently down by 17.75% or trading at $2.27, according to CoinMarketCap.

Featured image from www.onflow.org, Chart from TradingView.com

by Jet Encila on August 19, 2022 at 11:36PM