FLOW Technical Analysis: 40% Jump Overnight Teases $3.38 Breakout
Table of contents
Key Technical Points:
Past Performance of FLOW
The FLOW price action successfully retests the symmetrical triangle breakout after reversing from the $2.15 mark. However, the post-retest reversal comes with a considerable demand inflow resulting in a 40% price jump overnight. Moreover, the bull run exceeds the 100-day SMA with a boom in intraday trading volume, reflecting an improvement in the underlying sentiments.
Source - Tradingview
FLOW Technical Analysis
The daily candle shows a higher price rejection from the $2.67 level resulting in the wick formation. However, a candle closing above the resistance will further continue the uptrend.
The phenomenal rise in the market value breaking above the 100-day SMA influences a bullish turnaround in the 50-day SMA. Hence, if the uptrend continues, a bullish crossover will be inevitable.
The RSI slope shows a bullish spike entering the overbought zone reflecting a phenomenal rise in the underlying bullishness. Moreover, the climb in the MACD line keeps its distance from the signal line, forecasting an uptrend continuation. Hence, the technical indicators maintain a bullish outlook as the buying pressure breaks the roof.
In summary, the FLOW technical analysis showcases a bull run gaining momentum, teasing a bullish trend continuing above $2.67.
Upcoming Trend
If the buying pressure increases, the FLOW price will break the $2.67 roof and reach the overhead resistance of $3.38. Moreover, if the $3.38 resistance falls, the market value will rise higher to the $4.5 mark.
Resistance Levels: $3.38 and $4.5
Support Levels: $2.67 and $2.15