- FLOW coin price facing strong resistance from the 50-day EMA
- The FLOW/BTC traded at 0.0002228 BTC, with a loss of 3.35%
- The FLOW’s 24-hour trading volume is $218.6 million, indicating a 72% loss
The FLOW coin price shows a steady downtrend in its technical chart making new lower lows one after another. Furthermore, the chart also displays a descending trendline which acts as a strong dynamic resistance to the price. The FLOW coin has faced multiple rejections from the trendline, and the trend will remain bearish until this trendline is intact.
Concerning the EMAs, the FLOW coin indicates a downtrend, where the price is trading below the 20 and 50 EMA lines. Moreover, the 50 is providing strong resistance to the coin price.
The RSI value is 44, indicating a bearish sentiment in FLOW coin price.
The FLOW Coin Price Rejects From The $15 Resistance.
On October 31st, the FLOW coin rallied back to $15 in order to obtain proper resistance from this level. The retest phase was successful, and the coin price reversed from this level displaying a strong evening star candle pattern. The current price of is FLOW coin is $13.7., with an intraday loss of 2%.
As per the traditional pivot levels, the nearest resistance for FLOW price is $14, followed by $16.7. And on the other side, the closest support is located at $11.5, followed by the $8.9 mark.
The moving average convergence/divergence indicator(MACD) indicator shows the MACD and signal lines moving above the neutral zone, indicating bullish market momentum. However, these lines have provided a bearish crossover and steady falling towards this middle line.
Conclusion: The overall trend for the FLOW coin from a technical perspective is strongly bearish. And as mentioned, the price has made a new lower high at the $15 mark and is now charging towards the All-Time Low of $11.7.
Support – $11.6
Resistance – $16.7