menuIcon
$ 96,892.2
BTC
$ 96,892.2
2.84 %
$ 1,840.00
ETH
$ 1,840.00
2.35 %
$ 0.6835
ADA
$ 0.6835
3.60 %
$ 606.69
BNB
$ 606.69
1.62 %
$ 147.69
SOL
$ 147.69
2.33 %
Sanjay Shukla
Nov 28, 2022
by Sanjay Shukla

FLOW Technical Analysis: Amid Fear Among Traders, FLOW Hits ATL

FLOW Technical Analysis
The technical analysis displays an abrupt plunge in the market with a descending triangle indicating an upcoming bearish trend as the RSI hovers below 45.

FLOW has been persistently declining since the recent collapse of crypto exchange FTX which triggered a crash in the crypto market during early November. Unable to manage the global bearish push, the token plummeted below the crucial mark of $1.10 on November 14, hitting its all-time low (ATL) of $1.07. Currently trading at $1.12 the drop of 3.8% in price in the last 24 hours suggests volatility in the market. Additionally, the surge of 51.69% in the trading volume to $20.85 million complemented by a radical fall in prices indicates fear among traders. 

Key Points

  • FLOW price action shows a sharp decline as prices break below 200-day EMA

  • The trendlines make the descending triangle pattern, reflecting underlying bearishness

  • The intraday trading volume in FLOW is $20.85 million

    • TradingView ChartSource: Tradingview

    FLOW Technical Analysis

    The FLOW price action indicates a declining trend with prices struggling to reverse the momentum over the last few weeks. After facing strong opposition at the $1.13 resistance level, FLOW deeply fell below the 200-day EMA which turned into a strong downtrend. Moreover, the FLOW price moving near the 23.60% Fibonacci replacement level after falling from 100%, highlights that the market is under the influence of bearishness. The traders must wait for entry and exit opportunities until FLOW signals a bullish breakout. The token can again plunge to its ATL of $1.07 if bearish momentum furthers. If FLOW dares to reverse the trend the token can break above $1.15.

    Technical Indicators

    After breaking into the overbought zone, the RSI dived down sharply under the halfway line making a bearish divergence, indicating a sudden surge in the buying pressure in the market. The MACD and signal also fall under the midpoint while giving a bearish crossover on a bearish histogram. 

    The technical indicators suggest underlying bearishness in the market after a recent surge as demand for FLOW dropped sharply. However, the next breakout may bring opportunities for the traders.

    Follow us on: News
    Flow FLOW Technical Analysis technical analysis in stock market technical analysis indicators technical analysis example technical analysis tools
    FLOW Technical Analysis: Amid Fear Among Traders, FLOW Hits ATL
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

    Top Picks