Flow Price Prediction: Will FLOW End Its Range-Bound By Falling?

The pair of FLOW/BTC was trading at $0.0000357 BTC with a dip of 0.97% over the intraday trading session.

Flow price prediction suggests that it is currently consolidating near its primary support of $0.985. After a roller-coaster ride in 2022, the FLOW price is trying to seek stability in the market in 2023. 2022 was mostly dominated by the short-sellers, as per the daily time frame chart. The FLOW token slipped 83.84% in the prior year, which shows that there was heavy selling in the market.

After making its new 52-week low near the end of 2022 the FLOW price started its upward movement from the start of 2023, breaking its primary support on the way up. But after testing the primary resistance of $1.251, the FLOW price began consolidating between its primary support and resistance. This shows that neither buyers nor the sellers have the upper hand in the market.

Moreover, the FLOW token tried to break out from its consolidation. But it failed as the sellers became hyperactive in the market, which caused the prior downtrend of the FLOW token. This made the previous breakout a false breakout as can be seen over the daily trading chart.

However, the formation of the hammer candlestick pattern after the downtrend might be the cause of the short-term bullish reversal that can be seen over the daily time frame chart. If buyers do not support the FLOW token now, then sellers might put the FLOW token in a critical situation.

The trading volume of the coin has decreased by 17.94% in the last 24 hours, meaning that the short-selling in the market has increased. The sellers are trying their best and there is no relationship between the volume and the price of FLOW, which shows strength in the current bearish phase.

Flow Price Technical Analysis

The Relative Strength Index (RSI) is decreasing in the oversold zone and is showing a possibility of a negative crossover, wherein the sellers are coming in the majority and pushing FLOW downwards. This suggests the strength of the current bearish trend. The current value of RSI is 46.56, which is above the average RSI value of 46.03.

The MACD and the signal line are intersecting but are trading near zero over the daily chart which does not provide any evidence that can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

Flow price prediction suggests that it is currently consolidating near its primary support of $0.985. The drop in trading volume shows negative market sentiment towards the FLOW token.

Furthermore, RSI is decreasing in the oversold zone and is showing a possibility of a negative crossover which indicates strength in the current bearish phase, as per the technical indicators.

Technical Levels

Resistance level- $1.251 and $1.807

Support level- $0.985 and $0.719

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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