FLOW Technical Analysis: Price Has Surged by Roughly 74.01%, Bullish Trend

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FLOW was designed to help the app developers, in providing them a fast and friendly blockchain. FLOW is known for delivering great customer experiences with games like CryptoKitties, Dapper Wallet, and many more. FLOW follows a multi-role architecture, which makes it more scalable for billions of users. Let us look at the technical analysis for FLOW.

Past Performance

On July 01, 2021, FLOW started trading at $09.61. As of July 07, 2021, the closing price of FLOW was $16.79. Thus, in the past week, the FLOW price has surged by roughly 74.01%. In the last 24 hours, FLOW has traded between $12.71 – $19.30.

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Day Ahead And Tomorrow

Currently, FLOW is trading at $17.82. The price has increased from the opening price of $15.97. Thus, the market looks bullish.

The MACD and signal lines are in the negative zone, however, both of them are all set to enter the positive range. Plus, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish, and we can expect a surge in FLOW price for a while now.

The RSI indicator is in the overbought zone, therefore indicating a short pullback on a daily level. The RSI indicator is at 72%. It has rallied from the mark of 47%. Thus, buying pressures have increased in the market. Hence, we can expect the price to start rising again, after a short pullback.

In short, when we look at both oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal.

FLOW Technical Analysis

The price is trading above the Fibonacci pivot point of $14.25. As some of the oscillators have shown bullish signals, we can expect the price to increase and test the 23.5% Fibonacci pivot resistance level of $18.46 soon. If the price breaks this FIB resistance level, it will highlight the next resistance at $22.22.

The price has been tested and fallen below the 50% FIB retracement level of $18.24. If the price falls below the  65.5%FIB extension level of $16.13 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. And, the price will highlight the support level at $14.25. Shorts can take a position here.

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