DAO Maker (DAO) and Flamingo (FLM) Technical Analysis: What to Expect?
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DAO Maker (DAO) and Flamingo (FLM) Technical Analysis: What to Expect?

June 25, 2021      Dalmas Ngetich

Flamingo and DAO Maker prices are correcting the undervaluation of mid this week. FLM/USDT could reach $0.60 while DAO/USDT is bullish above $2.

DAO Maker (DAO)

The Ethereum-based platform enables retail venture investing in equity and tokens. At the heart of their operations is the DAO governance token.

Past Performance of DAO

DAO prices are bouncing off primary support, posting small gains.

However, this is not to say DAO bulls are in control since losses of the past few weeks have been sharp.

As of writing, DAO is up eight percent, edging higher with rising trading volumes.

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Day-Ahead and what to Expect

In all, gains are decent, as DAO bulls build from gains of the second half of the week.

The reversal from the primary support flashing with May 2021 lows at $2 is a net positive.

Besides, there is an undervaluation of June 23 that’s being corrected at spot rates.

Aggressive DAO buyers may load the dips, aiming at $3.5 in the medium term.

DAO/USDT Technical Analysis

DAO Price Daily Chart for June 25

From the daily chart, DAO buyers stand a chance.

As of writing, DAO bulls can buy the dips, targeting $3.5 in the medium term.

On the flip side, resumption of losses and more draw-down below $2 may see DAO slide to new lows.

Flamingo (FLM)

The DeFi protocol in NEO offers several services, aiming to be a singular platform whose control is under a DAO. FLM is its governance token.

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Past Performance of FLM

From the daily chart, losses have been sharp, placing FLM bears to the fore. Notably, FLM is down over 75 percent after peaking in April.

Even so, FLM/USDT found support mid this week. Still, the uptrend is not well-defined, causing some traders to pull back.

Currently, FLM is up roughly four percent, albeit with shrinking trading volumes.

Day-Ahead and what to Expect

Bears are dominant, despite general trader optimism.

From volume analysis, the failure of bulls to rapidly expand, forcing FLM/USDT prices above June 21 highs at $0.50 and the middle BB point to sellers.

As such, aggressive bulls can proceed with caution going forward.

FLM/USDT Technical Analysis

Flamingo Price Daily Chart for June 25

FLM/USDT prices remain under pressure, although there is a tinge of optimism.

Gains of the last few days might be a launching pad for traders.

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Still, while FLM bulls may buy the dips targeting $0.60, risk-averse traders can stay on the sidelines as long as prices trend inside the June 21 trade range.

Sharp losses below $0.32—May 2021 lows—invalidate the uptrend.

#DAO #DAO/USDT #DAOMaker #DeFi #Flamingo #FLM #FLM/USDT
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.