Flow is a blockchain-based platform that was developed to facilitate the building of web3 applications with the aim of mainstream adoption. The native cryptocurrency of the network, Flow (FLOW), has been in an uptrend since the beginning of 2023 with a price peak of $1.39. Following a sell-off, the token consolidated between the $0.85 and $1.08 levels and recently broke out to downside forming a new low at $0.760.

If the bears can hold their ground and breach the support at $0.760, it is likely that the price will continue to drop even further reaching $0.690, which would represent a 8 percent decrease. Looking at the current bearish momentum and technical indicators, the market structure does not suggest a reversal any time soon except if the bulls can reclaim the support at $0.76.

The bears are currently in the majority as evidenced by the longs/shorts ratios which indicates 36.29% longs and 63.71% shorts and a Chaikin Money Flow score of 0. Both the Relative Strength Index (RSI) and the Bollinger Bands show the oversold zone, which might indicate a possible reversal of the market.

Overall, the current market structure is bearish with the support and resistance levels at $0.76, $0.69, $0.85 and $1.08 respectively. To avert further loss, the bulls need to redeem the support at $0.76 and regain momentum while the bears should look to hold the new support. Investors should always exercise caution when investing in cryptocurrencies due to the high risk associated with it.



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