FLOW Price Analysis: Bearish candles wipes out the previous day's gains

Token has shown bearish actions in previous sessions.
Bears continue to push the token price down, continuing the downtrend.

Despite achieving new milestones in development, the currency is currently trading at all-time lows. Dapper Labs’ FLOW layer one blockchain, which launched in December 2019, uses FLOW as its native currency. The price of FLOW crypto has plunged by more than 98% since the NBA’s Top shot NFT bull run began to fade in April 2021.

Token to set new record low?

According to the daily chart, FLOW is currently trading at $0.677, showing a -4.39% loss in the previous 24 hours. Following a sharp fall in the token’s price in recent days, we have seen some rebound and relief for investors. However, the preceding two days erased all gains, forming a bearish candle. The cryptocurrency is now trading below its key Moving Averages (50 and 200 EMA). (The blue line is the 200 EMA, while the red line is the 50 EMA.)

Relative Strength Index: The asset’s RSI curve is currently at 32.25, entering a strong oversold zone below 30. The RSI curve has crossed the 14 SMA in upward direction. If the token goes below $0.341, the value of the RSI curve may fall even further and the downtrend of the token will continue.

Analyst view & Expectations

After a sharp fall in token, bulls were showing signs of recovery, but bears denied their dominance, wiping out all gains with powerful bearish candles. Investors are advised to wait for trend confirmation. Intraday traders, on the other hand, have a good opportunity to go short if the token breaches the $0.641 mark, which is the token’s all-time low. We cannot predict how low the price will fall if it falls below this level since there are no levels below it.

According to our current Flow price forecast, the value of Flow is expected to fall by -13.64% and hit $ 0.582817 in the coming days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 26. (Fear). Over the previous 30 days, flow has 9/30 (30%) green days and 15.70% price volatility. According to our Flow forecast, now is not the time to buy Flow.

Technical Levels

Major support: $0.641

Major resistance: $0.782

Conclusion

On a daily time frame, the FLOW token price has fallen below the demand zone. The FLOW token price is building a bearish chart pattern based on the price movement. It remains to be seen if the token price will rebound from the support level or break through it and fall.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing