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Vikram
Apr 5, 2022
by Vikram

FLOW Technical Analysis: Triangle Breakout Thirsts A Post-Retest Rally

FLOW
FLOW coin price shows a triangle breakout as the buying pressure increases but forms a gravestone retest candle. Will it bring a post-retest reversal?

Key technical points:

  • FLOW prices have increased by 3.47% in the past 24 hours.

  • In addition, the price challenges the 100-day EMA.

  • Finally, the 24-hour trading volume of Flow is $166 Million, marking a 43% rise.

    • Past Performance of FLOW

    FLOW coin price experiences a surge in buying near the $5 mark resulting in an outstanding upside move of 40%. The bullish trend breaks above the symmetrical triangle pattern and the $7.28 mark. Moreover, the uptrend retests it with a gravestone Doji candle increasing the chances of a post retest reversal.

    TradingView Chart

    FLOW Technical Analysis 

    The surge in buying pressure is evident with the rise in intraday trading volume projecting the entry of new buyers. Hence, the FLOW coin price may surpass the $10 mark shortly.

    The crucial daily EMAs (50, 100, and 200-days) maintain a bearish alignment, but the prices challenge the 100-day EMA after surpassing the 50-day EMA. Hence, a price jump to the 200-day EMA can be observed shortly.

    RSI Indicator: The RSI slope fails to crack into the overbought territory and reverses to break below the 14-day SMA. The reversal comes after the bearish divergence resulting in the fractured trendline retest.

    MACD Indicator: The MACD and signal lines preserve the uptrend and survive the price fall below the 100-day EMA. Hence, the uptrending lines reflect the solid underlying bullishness.

    The FLOW technical analysis projects a dangling possibility of post-retest reversal as the selling increases. 

    Upcoming Trend 

    The FLOW coin price shows decreased chances of bullish reversal due to the gravestone candle as a retest of the triangle breakout. However, if the buyers regain trend control, a bullish continuation will hit the $9.65 mark. 

    Support Levels: $7 and $6.5

    Resistance Levels: $8.5 and $9.65

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    Flow FLOW Token
    FLOW Technical Analysis: Triangle Breakout Thirsts A Post-Retest Rally
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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