FLOW prices remain trapped under the correction phase resulting in a 60% downfall. Will the bullish powers make a comeback to break the pattern? Key technical points:
FLOW prices fell 52% in the 30 days.
The correction phase forms a falling channel pattern.
The 24-hour trading volume of Flow is $79.60 Million, indicating a 90% surplus.
Past Performance of FLOW
Starting on 3rd April, FLOW price started to spiral down uncontrollably within a falling channel pattern resulting in a decline of more than 60%. The downfall breaks under all the crucial EMAs and the psychological milestone of $5 and retests it in early May. Currently, the market value stands at $2.89 with the price action teasing a potential breakout of $2.65. Source-Tradingview
FLOW Technical Analysis
As the bullish cycle in the falling channel struggles to propel the FLOW prices above $3, it teases a reversal to $2.65. As a result, it will form an inverted rounding bottom pattern, which upon breakout will further increase the downtrend. The falling trend in the crucial SMAs – 50, 100, and 200 days continues in a bearish fashion with the recent failure of a bullish crossover. As the 50-day SMA retraces from the 100-day SMA, a resurgence of bearish prowess is crystal clear. The downtrend in the RSI slope (blue line) takes a sideways shift near the 30% boundary with the 14-day SMA mimicking the same while maintaining the bearish influence. As for the MACD indicator, the gradual reversal in the fast line continues to approach the slow line while teasing a bullish crossover. Hence, the technical momentum indicators in FLOW/USD chart reflect a slow shift towards the bullish side which could help avoid the bearish pattern formation.
Upcoming Trend
If the underlying bullishness fails to regain momentum and the FLOW prices drop to $2.65, it will form an inverted bearish pattern leading to $2 upon breakout. However, a bullish reversal will help the market value float above $3 and reach $3.50. Support Levels: $2.65 and $2 Resistance Levels: $3 and $3.50