FLOW enjoyed its winning streak at the peak of Thursday’s trading and rose after a seven-day losing streak.
- FLOW peaks, rejuvenated after a week
- Prices set their sights on new key resistance at $3
- The coin is down 17.47% and is currently trading at $2.28
The uptrend was unexpected, especially as FLOW’s market cap fell to 1.14%. Other altcoins such as SHIB also fell by 10%.
FLOW, one of Thursday’s strongest movers
Undeniably, FLOW was one of the strongest cryptocurrency movers on Thursday as the coin was able to bounce back after a 7-day slump.
The cryptocurrency’s recent price drop to $2.54 also positioned itself as a support point. However, similar to what happened on August 8, the bulls decided to let the party that propelled FLOW to $2.80 collapse.
Chart from TradingView.com
As the coin has surpassed the support point, it appears to be eyeing the resistance at $3 next. However, in order for FLOW to get closer to its target area, the coin should be able to surpass the looming hurdles in the RSI.
The RSI read 60.32, well below the upper limit of 61.19, a historically favoured area.
FLOW sets the crosshair to $3
Decentralization now marks its domain in the blockchain space. Having said that, many projects are now strung together to create a game-changing DeFi culture.
Cryptocurrencies are the latest network to enter DeFi, and their DAO infrastructure comes in the form of CAST.
CAST is the key to attracting more projects to the Flow network. This result increases the chances of the coin.
On July 28, the cryptocurrency’s price peaked at $1.78 after rising 9.6 percent overnight. The FLOW price increase was also triggered by the announcement of CAST, which may have sparked upbeat market sentiment.
FLOW total market cap at $2.33 billion on the daily chart | Source: TradingView.com
Whether FLOW prices can continue to support or keep up with the uptrend remains uncertain. The coin’s potential is fully illustrated by the recovery shown by the 50-day moving average, amid uncertainty about its consistency in maintaining bullish momentum and its performance.
This shows that the cryptocurrency is enjoying strong demand close to this exact metric. Flow started the week bearish, prompting the bears to push the RSI level to just below 50% before rebounding.
According to CoinMarketCap, FLOW is currently down 17.75% or trading at $2.27.
Featured image from www.onflow.org, Chart from TradingView.com