- FLOW crypto price surged 17% from the $0.77 key breakout level during the downtrend.
- The technical indicators summary suggests a neutral perspective on the price in the current phase.
- The FLOW/USDT crypto pair is reflecting high liquidity in popular exchanges like Binance.
Powered by Cadence, Flow (FLOW) is an open-source, decentralized blockchain that empowers developers to innovate and push their limits toward Web3. The platform has a thriving ecosystem of creators from top brands to crypto leaders and more. Flow supports NFTs, DeFi, DAOs, PFP, projects, and consumer-scale decentralized applications (DApps). The project’s primary focus is to bring the next billion to Web3 and become the foundation of the open metaverse.
Supply Changes, Valuation & Distribution Of FLOW Crypto May 2024
The current market capitalization of the Flow crypto has declined 0.87% during the intraday session. However, the community behind the crypto is bullish today. The cryptocurrency is outperforming its peers and the global cryptocurrency market, which is down 0.20%.
1.50 billion FLOW tokens have been created to date and are circulating in the market. The current circulation supply has a market cap of $1.36 Billion. The crypto is dominating among the top 65 most influential cryptocurrencies in the world. However, the project has an uncapped maximum supply of tokens.
The initial distribution of the FLOW tokens is categorized in five ways, which follow as:-
- 27.78% is allocated to Pre Launch Backers + Community Sale.
- 16.67% is allocated to the Development Team.
- 18.53% is allocated to Dapper Labs.
- 29.66% is allocated to the Ecosystem Reserve.
- 7.37% is allocated to Staking Rewards.
Technical Analysis Of Flow (FLOW/USD)
The short-term outlook lies below the key exponential moving averages on the bearish side. The current crypto price slipped below the 50-day and 200-day EMAs, indicating bearish sentiments.
The FLOW price broke below the $0.99 key support level after facing resistance from the $1.31 level. However, the price is showing a bullish recovery from the $0.77 previous breakout level. At present, the price is trading at the $0.91 level, moving toward the $1.12 key level.
Regarding the technicals, the price can reach the $1.12 level for the retracement. In addition, the bullish trend continuation is expected to be above the $1.31 level.
Moreover, the relative strength index (RSI) is showing bullish momentum from the 30-mark lower band. Both RSI and SMA lines had a golden crossover, which indicates a shift in strength. The RSI line is moving at 42.79 above the SMA line.
Summary
Since mid-March 2024, the Flow crypto price has been witnessing bearish sentiments. The crypto has reported over 25% decline during the monthly trading session. However, some positive bullish reactions have been observed in the recent sessions. The buyers are increasing their positions from the $0.77 key breakout level. As per the price action, the price can reach the $1.12 level for the retracement. In addition, the bullish trend continuation is expected to be above the $1.31 level.
Technical Levels
- Resistance Levels: $1.07 and $1.50
- Support Levels: $0.77 and $0.62
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.