- FLOW coin price facing strong resistance from the 20-day EMA
- The FLOW/BTC traded at 0.0002007 BTC, with a gain of 0.2%
- The FLOW’s 24-hour trading volume is $10.3 million, indicating a 2% hike
As mentioned in my previous article on FLOW, The FLOW coin price faced strong rejection from the $15 resistance, initiating another bearish reversal in its chart. So far, the coin has displayed a steady downtrend with lower high and lower lows and is currently charging towards the All-Time Low of $11.6 mark.
Regarding the EMAs, the FLOW coin indicates a strong downtrend, where the price is trading below the 20, 50, and 100 EMA lines. Moreover, the 20 EMA line is providing strong resistance to the coin price.
The RSI value is 38, indicating a bearish sentiment in FLOW coin price.
The Flow Coin Chart In The 4-hour Time Frame.
After making a new higher low at the $15.8 mark, the FLOW coin will be retesting the $11.6 level. A breakdown from this support level can define if the coin has enough bear power to continue its downtrend. The current price of this coin is 12.78, with an intraday loss of 0.62%.
Furthermore, The FLOW/USD chart displays a descending trendline that has been leading the price to these lower levels. In case, the price gains sufficient demand pressure from this bottom support, this resistance trendline will provide an early signal for a new rally.
The moving average convergence/divergence indicator(MACD) indicator shows the MACD and signal lines moving below the neutral zone, indicating bearish market momentum.
Conclusion: From a technical perspective, the overall trend for the FLOW coin is strongly bearish. And as mentioned, the price would be charging towards the All-Time Low of $11.7. If the price provides a breakdown from this support level, the crypto traders would get an excellent short opportunity in this coin.
Support – $11.6
Resistance – $15
