Where Will the FLOW Coin Price Head in the Upcoming Trading Days?

• The FLOW coin price has increased by 1.16% and it is now at $0.435.
• The coin price is currently in an accumulation zone after giving the breakout of the descending channel.

Flow is a Proof of Stake (PoS) blockchain. It is designed to be the foundation of Web3 and to support consumer-scale decentralized applications. it is used to pay for service within dApps built on the network. It also enables the use and creation of smart contracts for applications built on Flow.

FLOW Coin Price Analysis

At press time, the FLOW coin trades at $0.435 with a gain of 1.16%. It is currently trading with a volume of $2.682 Million and has an average 10-day trading volume of $4.766 Million. The market capitalization of the coin is around $446,753,979 with a circulating supply of 1,036,200,000 FLOW coins.

Flow Coin 1-Day Chart Analysis

The FLOW coin price has given the breakout of the descending channel and is currently consolidating in a range between $0.485 and $0.435. Its price has increased by 8.22% in the last 4 trading sessions after taking support from the $0.435 support zone.

The price previously faced rejection from the 50-day EMA and it is heading toward the 50-day EMA to retest it. If the price reclaims the 50-day EMA this time, it could face more buying pressure. 

The RSI is at its 50-level which is marked as neutral territory. Its line is also pointing in the upward direction. This shows that the buying pressure is greater than the selling pressure at the current level.

As the price is consolidating in a range between $0.485 and $0.389 after giving the breakout of the descending channel,  it would be better to wait for the breakout or breakdown of this range. If the price gives a breakout of $0.485, then the price could rise to its next resistance at $0.569.

However, if the price gives the breakdown of $0.389, then it may fall to its next possible support at $0.300.

Conclusion

Currently, the sentiment regarding FLOW coin’s price appears indecisive as it consolidates within a range spanning from $0.485 to $0.389. Notably, the price has recently broken out of the descending channel, which is helping to prevent it from dipping below the $0.389 level. This suggests that buyers are exerting more influence on the price than sellers. Consequently, there’s a chance that the coin’s price might experience a breakout from this range in the near future.

If the price gives the breakout of this range or the $0.485 level, then it may rise to its next resistance at $0.569. However, for it to regain its bearish sentiment, it should close below $0.389, after which it can fall to its next possible support at $0.300.

Technical levels

Resistance Levels: $0.485 and $0.569.

Support Levels: $0.389 and $0.300.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.