FLOW Crypto Taking Support at Breakout; Will it Continue to Rise?

• The trading price of the FLOW crypto is slowly rising to higher levels.
• The volume of the FLOW crypto has witnessed a huge surge in the last 24 hours.

Flow is a blockchain that supports scalable and decentralized applications, especially games and collectibles. The Flow token (FLOW) is used for transaction fees, governance, staking, collateral, and stablecoins. Flow was created by Dapper Labs, a company that also makes blockchain-based games.

The spot trading volume of the FLOW crypto has increased by 70.5% in just the last 24 hours. This has resulted in a traded volume worth $120.776 Million. Despite this rise in the trading volume, the market cap of the crypto has declined by 10.4%.

The current ranking of the FLOW crypto, as per CoinMarketCap, is 60th and the value of the market cap of the crypto is $1.234 Billion. Also, the current volume/market cap ratio of FLOW is 5.03% and the max supply is infinite.

Also, the derivatives trading volume of the FLOW token has advanced by 121% in the last 24 hours, resulting in $113.90 Million. Despite this, the open interest has declined by 28.7% and the long/short ratio of the crypto is 0.9015 and the long liquidation for the crypto is $598.61K.

Flow Crypto Blockchain Data Overview

The TVL of the FLOW token is $12.09 Million and the stablecoin market cap of the crypto is $10.33 Million. Moreover, the total supply of the crypto is 1.479 Billion FLOW and the fully diluted market cap is worth $1.225 Billion.

FLOW Crypto Technical Analysis

From the most recent swing low, the trading price of the FLOW crypto has increased by more than 85%, which indicates the strong presence of buyers in the crypto market.

The trading price of the FLOW token has broken above the last swing high on the charts, leading to a change in trend to bullish followed by a bullish market structure. 

FLOW/USD Chart by TradingView

The 50-day and the 200-day EMAs have formed a fresh golden cross on the daily charts. Moreover, the price has also completed retracement to the following EMAs. Therefore, if the candlesticks form a bullish pattern on the charts, the price might continue to rise to higher levels.

The RSI is following a bullish cycle while the RSI has declined below the 50-level from the overbought zones. Moreover, it has also declined below the 14-day SMA. Thus, if the RSI value rebounds above the 50-level, we might witness a continuation in the bullish trend of the crypto.

Conclusion 

Flow is a blockchain for games and collectibles. The FLOW token is breaking out of a resistance level and showing bullish signs. The technical indicators are also positive and suggest that FLOW has a strong potential to rise. The volume and market cap of FLOW are also increasing. 

Therefore, if the indicators realign and the FLOW crypto forms a bullish candlestick, it might lead to higher levels in future.

Technical Levels

Support Levels: $0.400 and $0.600

Resistance levels: $ 1.500 and $2.00

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.