FLOW Technical Analysis: May Fall Further Below the First Support Level of $36.81
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FLOW Technical Analysis: May Fall Further Below the First Support Level of $36.81

April 13, 2021      Ankita Awasthi

Flow is an open-source blockchain network that provides a robust platform for building advanced and innovative digital assets, decentralized applications, and games. It is fast and highly secure. This blockchain ecosystem is built on internet-scale protocols and applications that need significant user experience. FLOW is the native token of this network. FLOW technical analysis is as follows:

Past Trends

On April 6, 2021, FLOW started trading at $38.57. As of April 12, 2021, FLOW closed at $37.13. Thus, in the past week, the price has declined by roughly 4%. In the last 24 hours, FLOW is trading between $36.82-$39.22.

Flow Price Analysis

https://www.tradingview.com/x/PHRw6acG/

Day-Ahead and Tomorrow

Currently, FLOW is trading at $38.44. The price has risen from the opening price of $37.16. Thus, the market seems positive.

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The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to go down.

The OBV indicator was rising sharply but for the last few minutes, it has been steadily declining. Thus, selling volumes are gradually overtaking the buying volumes. Hence, we can expect the price to start decreasing after some time.

The RSI indicator is at 23% – deep into the ‘oversold’ territory. It is a great time for day traders to go long. Thus, selling pressures are very high. We can soon expect the price to start falling as there is bearish divergence here.

FLOW Technical Analysis

As per technical analysis, the price has fallen below the first Fibonacci pivot resistance level of $38.64. As the oscillators are indicating a price pullback, the FLOW price may soon fall below the Fibonacci pivot point of $37.72. It may fall further below the first support level of $36.81.

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The price has tested and fallen below 23.6% FIB retracement level of $38.65. If the bears remain strong throughout the day, we can expect the price downtrend to continue tomorrow as well. Else, the bullish trend may resume by day close and the price may continue rising tomorrow.

#Flow
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.