FLOW Technical Analysis: Recharged Bullish Trend Soon To Reach $2
Table of contents
Key technical points:
Past Performance of FLOW
FLOW price action shows the bearish breakout rally of the falling channel pattern reaching the low of $1.25 on June 19th. However, the bulls quickly overtook the retest rally control to exceed the broken support trendline and potentially surpass the resistance trendline. The reversal rally accounts for a price jump of 40% over the past ten days.
Source- Tradingview
FLOW Technical Analysis
FLOW price action showcases a retest of the $1.65 breakout and prepares a morning star pattern formation. However, the falling trend in the trading volume over the last few days warns of a sideways trend. The DMI indicator shows the DI lines struggling to achieve a bullish crossover as the lines take a sideways turn after a sharp drop in the bearish spread. However, a bullish crossover will increase the resistance trendline breakout possibility.
The RSI indicator shows a spike in the underlying bullishness as the slope sharply turns from the oversold boundary to reach the halfway line. Hence, the indicator maintains a bullish point of view. The MACD indicator shows a positive trend in the fast and slow lines and continues to approach the zero line. Moreover, the rising trend in the MACD histograms indicates an increasing trend in buying pressure. Hence, the technical indicators maintain an overall bullish view for FLOW and hint at the bullish breakout of the resistance trendline.
Upcoming Trend
If the buying pressure rises above the resistance trendline, the breakout rally will surpass $2.15 to reach the overhead barrier at $2.50.
Resistance Levels: $2 and $2.15
Support Levels: $1.50 and $1.25