Flow (FLOW) coin started its journey towards the end of January 2021 and has been on a steady uptrend ever since. Starting from a price of $1.5, the cryptocurrency established its all-time high at $38 during early March. After Flow established its all-time high, the cryptocurrency reversed its trend and started going downwards. However, the upcoming time will clear out the price movements of the coin whether the downtrend is going to persist or it was a minor pullback.
In the past 24 hours, the price of Flow gained by around 20%. The daily trading volume of the cryptocurrency surged up by around 500%. Flow (FLOW) coin is ranked at 88th with a market capitalization of $920,760,999 which has also increased by 20%.
Flow technical analysis
The market sentiment for the coin is bullish. The technical indicators of the cryptocurrency are giving out a buy signal. Out of the total 22 technical indicators, seven stand at a neutral position while eleven are giving out a signal of buy and four stands at a position of sell. The market is dominated by buyers and appears to continue to be so.
A trader has identified a possible trajectory for the Flow coin. Per the trader, the cryptocurrency is expected to grow at an exponential rate in the long-term. The market is in grips of minor pullbacks which could result in the coin touching a strong support line at $ 22 but it is expected that the support level will hold for Flow. Afterwards, Flow can continue its upward trend with minor corrections along the way. The trader has set a price target at around $50 for Flow.
Flow cryptocurrency has established its first Fibonacci resistance at $28 as a support level while the next Fibonacci resistance lies at the price level of $33 followed by $41. The upcoming price action will make clear the strength of the bullish momentum of Flow.
What is Flow?
With the rise in NFT and DeFi projects, it quickly became clear that the existing block chains are not for the high load. As the decentralized apps and finance is expected to continue to grow, something more was required. The solution was brought by Flow. Flow is block chain built especially for NFT projects. Without using any novel technology, Flow provides extensive scalability and cheap transactions, making it ideal for large NFT projects like CryptoKitties. The native token of the network is FLOW which is used as a payment method as well as a reserve asset on the Flow network.
The Flow coin provides a unique solution to the problems of decentralized projects like NFTs which makes it future prospects bright. The cryptocurrency can continue to establish higher highs as the Flow network gains increasing popularity.
