- The FLOW price has increased by 13% in the past 3 days.
- RSI has shown strength at the bottom, which may invite buyers for a bullish move.
Since mid-2023, the Flow (FLOW) crypto price has performed positively and has gained around 270% till March 2024. However, the buyers have failed to overcome the $1.60 mark after a sharp bullish momentum.
The Flow crypto has displayed weakness since mid-March and has declined by 70% till now. This dip might be a buying opportunity for investors. Based on the technical chart, the sellers have struggled to drag the price below the $0.500 mark.
However, buyers have managed to defend this mark thrice since July, which indicates the buyers’ involvement. The price has smashed the 20-day EMA and is eyeing for the 200-day EMA, which is a bullish sign.
The Flow coin traded at $0.588 at press time and has increased by 3.73% in the past 24 hours. The market capitalization was $898.34 Million. Also, the 24-hour trading volume was $37.97 Million, which has increased by 40%.
Can FLOW Price Secure 10% as Rapid Gain?
Christopher Inks (@TXWestCapital) has tweeted that the Flow crypto price chart looks beautiful in the short term. This chart is almost perfect for buying momentum.
Beautiful, almost textbook perfect, bullish structure on the 15m $FLOW chart for a 10% rally. pic.twitter.com/4yVwXUw1EF
— Christopher Inks (@TXWestCapital) September 3, 2024
The price has been bullish and rising by taking pullbacks in the 15-minute time frame. It is expected to keep surging and gain 10% in one go.
Is Flow Price Planning for a Massive Breakout?
CryptoBull_360 (@CryptoBull_360) tweeted that the Flow price is preparing for a giant breakout from the falling wedge pattern. The strand is narrowing and approaching the critical zone, a positive sign for the breakout.
#FLOW getting ready for massive breakout from falling wedge pattern formation in daily TF, trend is narrowing & approaches the PoC value zone as well! Strong flip off from the zone could trigger 150%-180% move on mid-term, Volume rising as good momentum📈$FLOW #FLOWUSDT pic.twitter.com/5mKrCpkFsi
— CryptoBull_360 (@CryptoBull_360) September 3, 2024
Based on the technical chart, the FLOW crypto has the potential to gain 150%-180% after the breakout. The volume is also rising, which might attract investors for a massive move.
Could the FLOW Price Defend the Major Support Level of $0.500?
The technical chart suggested that the Flow price struggled in a parallel channel at the bottom. While consolidation, the price is defending the $0.500 mark and has halted the bearish momentum. However, the price has defended this mark three times, which may attract buyers.
Buyers may show interest if the digital asset price triggers a breakout from the channel and surpasses the 200-day EMA. Suppose the trading volume supports this momentum; strong buying for the long term can be anticipated.
On the other hand, buyers might panic if the FLOW price slips below the major support level of $0.500. Most buyers would like to square off their position, which may result in strong selling pressure.
According to the technical indicators, the RSI is 54, triggering a bullish crossover with the RSI-based moving average. It is heading for the overbought zone, which may be a bullish sign.
The MACD has displayed a golden crossover with the signal line. Also, the histograms have flipped to green even in the consolidation phase.
FLOW Price Overview and Forecast
The FLOW crypto price has witnessed bearish momentum in a broader time frame and dropped to the bottom.
However, it has shown buyers’ involvement in the short term. Also, the bearish trend has been interrupted near the $0.500 hurdle. Most of the technical indicators are in favor of a bullish forecast.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
