Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
FLOW price prediction is bullish for the short term as well as for the long term till it trades above $0.400. Flow crypto price is trading near the June 2023 lows which seems to be a strong demand zone.
At present, the FLOW cryptocurrency price is stuck in a narrow range between $0.400 to $0.500. Buyers are trying their best to rebound and push the price above the 50-day EMA. If they succeed then the short-term trend will reverse in the upward direction.
However, the positional trend of the FLOW price is still downward because the 200-day EMA placed higher.
Recently, Flow crypto witnessed a mild surge in the buying volume and the price also showed a minor recovery. It indicates that the short-term buyers are getting active and recovery may continue.
Previously, the Flow price recovered well from $0.400 support. So, the investors expecting a similar pattern may see it again. Flow price is trading at $0.438 with an intraday decline of 0.90%. The 24-hour volume to market cap is 7.18%.
Will Short Sellers in FLOW Price Step Back?
FLOW price prediction favors the bulls and suggests upside reversal is possible. The correction seems to have taken a halt and the price is consolidating for the base formation.
If prices continue to recover and succeed in breaking the $0.500 hurdle, then a 10% to 15% sharp rise may trigger which will regain the confidence of long-term investors.
On the other hand, if the price faces rejection from $0.500, then it is likely to continue the consolidation in the existing range.
The analysis suggests FLOW price is near the demand zone so the sellers may step back in October.
Flow Crypto Price Analysis
Flow crypto price formed a Doji candle on a monthly time frame. The price has corrected a lot from its recent swing high. So, it will be risky to create further short positions.
However, the fresh buyers also look reluctant to build longs, so prices might continue to consolidate for some more time.
The MACD curve sloped upward and recovered from the lower levels. It indicates that bulls are returning back on the track. The RSI at 46 near the neutral territory denotes a balance between bullish and bearish positions.
Conclusion
FLOW price prediction is bullish for October and suggests a short-term trend is possible. Flow crypto is oversold so creating fresh shorts will be risky.
The analysis suggests the FLOW price is near the demand zone so the sellers might step back which will trigger a short squeeze.
Technical Levels
- Resistance levels: $0.569 and $0.790
- Support levels: $0.387 and $0.300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/22/flow-price-prediction-for-october-beware-of-short-squeeze/