- FLOW coin bears reclaim the 20-day EMA
- The FLOW/BTC traded at 0.0004322 BTC, with a loss of 1.59%
- The FLOW’s 24-hour trading volume is $72.5 million
While many altcoins have made a strong breakout from the crucial resistance level, the FLOW coin is still wavering in a sideways trend from its listing on the Binance Exchange. On 14th September, the coin price bounced from the crucial support of $18.6 with a massive bullish engulfing candle and substantial trading volume supporting it. This bullish candle also managed to break out from a significant resistance level of $20.6, suggesting a price reversal. Currently, the coin price has reestablished this broken level to obtain proper support from this level.
Moreover, the FLOW traders can use the traditional pivot levels in their chart, as they provide extraordinary confluence with the SR levels, providing them a better confirmation and an extra edge in their trading.
The RSI value is 44(BEARISH), which indicates a slight bearish momentum in FLOW coin price.
FLOW Coin Hovering Above The $20.6 Support Level
The FLOW coin price is wavering just above the $20.6 mark, with its trading volume slowly drying up. This level is a crucial support for FLOW coin, and the Crypto traders can expect a direction move starting from this level. Furthermore, if the price manages to sustain above this support mark, the coin traders can consider taking a long from this spot. The FLOW coin’s current price is $20.74, with an intraday gain of 1.14%
The FLOW coin currently shows a bearish trendline in relation to the EMA’s. This is because the price is trading below the crucial EMA’s (20, 50, 100, and 200).
The MACD indicator (NEUTRAL) shows the MACD and signal lines moving precisely on the neutral zone, indicating neutral market momentum. However, these lines at this state can provide a better confirmation by choosing a side with respect to the coin’s price action.
Conclusion: The overall trend for the FLOW coin from a technical perspective is still sideways. As mentioned, the coin price is retesting the crucial support of $20.6, and thus, the FLOW traders should wait for a proper signal of a reversal or breakdown before jumping into the coin market.
Support – $20.8
Resistance – $22.