- FLOW Token Price has made breakout from the 5 month long bearish wedge pattern on the daily chart
- MACD indicates bullishness for the coin and the volumes have been coming in very well
- The coin is forming a rounding bottom on the hourly chart
FLOW Token Price has broken from the bearish wedge pattern on the daily chart. It remains to be seen over the next couple of days if the coin is able to sustain the bullish momentum or will get back into the bearish wedge. The coin has seen a significant increase in volumes over the last couple of weeks validating the bullish momentum. The Moving Average Convergence Divergence (MACD) indicator also indicates bullishness for the coin with the bullish histograms growing in size. The coin has immediate support at the $ 4.30 zone. It remains to be seen over the next couple of days if the coin is able to sustain the momentum or not.
FLOW Token Price is the process of the formation of a rounding bottom on the hourly chart. The coin has strong support at $ 4.30 on the chart. The coin broke out from an ascending triangle pattern earlier in the week. The coin then went on break the resistance at $ 6.37 and is now looking to test the next resistance at $ 7.60. The $ 7.60 level is the lid of the rounding bottom pattern. The coin has seen heavy volumes over the last few trading hours and the MACD also indicates bullishness for the coin over the next few trading hours.
Conclusion:
The token has broken out of the bearish wedge pattern after a very long period. It remains to be seen over the next couple of days if the token is able to sustain the breakout. The MACD nad volumes indicate the coin looks to sustain the bullish momentum.
Support: $ 4.30
Resistance: $ 7.60
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
