- The Flow price is facing a downtrend across all time horizons. The coin needs to focus on gathering the buyers to support the Flow ecosystem.
- Mattel to release “cryptoys” NFT on FLOW Blockchain.
- The FLOW/BTC pair is at 0.00007745 BTC with a loss of 4.23% in it.
Flow is a blockchain designed from the ground up for mainstream adoption and is the only blockchain that builds usability improvements into the protocol layer. Flow has a rich ecosystem, comprising top entertainment brands, development studios, and venture-backed startups.
The FLOW price is trading over a downtrend movement on the daily chart. The price after touching the high of $4.5 is falling continuously, while analyzing the graph we can observe the bullish resistance to the falling price. But as the bears are dominant an overall downtrend movement can be observed over the chart. The FLOW coin needs to attract more buyers to bounce back from the bearish dominance. Presently we can observe that the bulls are working on the coin and the price has started rising, this can be a trend reversal point. The technical indicator RSI still indicates a selling pressure over the coin.
The price is currently trading at 2.33 USD with a loss of 4.70% in its market capitalization in the last 24 hrs. The coin has a volume of 42 million with a gain of 26.23% in the 24 hrs trading session and has a market cap of 2.4 billion. The volume market cap ratio is 0.01798.
Mattel to Release ‘Cryptoys’ NFT on FLOW Blockchain
The global toy company is partnering with OnChain studios to bring its “iconic IP” to the metaverse.
The toymaker will partner up with Web3 company OnChain Studios to Develop an NFT platform called Cryptoys for the FLOW blockchain.
NFTs are blockchain-based tokens that show ownership over digital and physical assets.
“We see incredible opportunity in the metaverse for our cherished brands and iconic IP,” Mattel President and COO Richard Dickson said in a statement.
Cruptoys will launch with original character drops this summer, and Mattel will release its NFTs soon.
Conclusion
The FLOW price is trading over a downtrend movement on the daily and hourly chart. The bears are dominating the price and can make the price fall to the support of $2. If the price made a breakdown at $2 then it will be a worse situation for the FLOW bulls to make the coin recover. The technical indicator like RSI is still indicating the selling pressure over the coin indicating a bearish rally further.
Technical levels
Resistance levels: $2.5 and $2.75
Support levels: $2 and $1.8
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.
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Source: https://www.thecoinrepublic.com/2022/06/12/flow-price-analysis-the-flow-price-is-scattering-under-the-selling-pressure/