FLOW Price Edges Closer to Breakout: Can Bulls Make It?

Even though the market is kind of sluggish at press time, FLOW has performed relatively well this week.

Even though the market was sluggish at press time, FLOW performed relatively well this week.

It was trading at $0.677 at the press time, down by 1.20%. Its trading volume saw an increase of over 48% to $52.16 Million in the past 24 hours.

FLOW was traded in a downtrend, and underperformance was witnessed. It lost more than 50% of its gains in the past three months. It continued to drag inside a falling channel and was trading below the 100-day and 200-day EMAs.

Notably, recent accumulation led the token to climb above the 20-day and 50-day EMA levels. Still, the cluster of $0.800 was in the eyesight of investors. Above the given mark, a significant reversal and potential upmove toward the $1 mark can be seen ahead.

Near the downside mark of $0.470, it made a 52-week low and recuperated from there. This month, it has exhibited a vertical recovery and surged over 30%, delivering the buying pressure.

Meanwhile, the buyers have put their vision on the falling trendline hurdle. They were looking to escape it for a significant trend reversal at the time of writing.

Despite the market’s choppy movements, FLOW witnessed a slow & steady reversal and is poised for a massive upmove.

FLOW Price Edges Closer to Breakout: Can Bulls Make It?

FLOW price recovered over 18% this week and crossed the 20-day EMA hurdle, gaining significant strength. On the daily chart, it made a rounding bottom formation and was set to go higher.

Bulls must cross the $0.750 mark to exhibit a breakout and could sprint toward the $1 mark in the short term.

CryptoMutant, in his tweet, mentioned that FLOW has escaped out of the falling channel and is set to go higher.

The RSI curve showed a vertical upmove and lifted to the overbought zone, noted around 60, conveying the bullish outlook.

Social Metrics Highlighted a Surge

Following the price recovery, the weighted sentiment data witnessed a significant bounce and jumped by over 12%. It reached a positive trajectory, implying a shift in the market sentiments.

Similarly, the social dominance value noted a sharp spike and soared over by 8%. It highlighted the increased activity of investors and the media buzz for FLOW in the past 24 hours.

Futures Open Interest Data Overview

On the futures data, the open interest data saw an increase of over 2.30% to $14.33 Million.

In comparison, the spot price dropped over 1%, signifying buyers have tried to make longs. However, the sellers attempted to secure the cluster of $0.700 to convert into a fake breakout.

Notably, suppose the FLOW price fails to cross the 100-day EMA barrier; it may take immediate support around $0.600 and then at $0.530.

In contrast, if it sprints ahead, the upper trajectory of $0.8,00, followed by the $1 mark, would act as a resistance level.

FLOW price has traded close to the 38.2% Fib cluster. It has significantly recovered from its bottom around the $0.470 mark. Once it crosses the 200-day EMA mark, significant buying momentum can be seen ahead.

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