FLOW Technical Analysis: Sellers Drive Back At $4.50

Key technical points:

Past Performance of FLOW

Crushing the idea of bullish reversal to retest the bearish breakout of the symmetrical triangle pattern, FLOW prices reverse suddenly from the $5.15 mark. Failing to sustain above $5, the price action reaches the $4.35 level resulting in a bearish engulfing candlestick and undermining the bullish previous on the day prior. 

Source-Tradingview

FLOW Technical Analysis 

FLOW prices find a slightly lower price rejection driving it higher back to the $4.50 psychological mark. However, the increased selling pressure projects a high possibility of a downtrend continuation to the next support level of $4.

The falling prices account for deflation of 40% in the last month resulting in the support trendline fallout. However, the prices face an early post-retest reversal due to the overall increase in selling in the crypto market.

The MACD and signal lines regain the bearish alignment after avoiding a positive crossover and showcase a flattish downtrend. Moreover, the reprising bearish histograms reflect an underlying increase in selling pressure.

The daily RSI slope fails to sustain above the 14-day average score, and the bullish momentum after facing rejection at the halfway mark. Hence, the falling slope may shortly reenter the oversold atmosphere representing a selling spree.

In a nutshell, FLOW technical analysis shows a downtrend possibility below the $4.35 mark.

Upcoming Trend 

FLOW price faces an uncontrollable selling spree trend in action challenging the solid $4.35 support level, which may shortly succumb under a market-wide bearish attack. Moreover, the overnight increase in trading volume supporting the bearish engulfing candlestick marks the exit of multiple buyers. Hence, the $4.35 breakout will signal a new selling spot with the next target of $4.

Support Levels: $4.35 and $4

Resistance Levels: $4.75 and $5.15