Flow(FLOW)/USDT Technical Analysis: 03 February 2022

The Flow price since its inception is following a notable downtrend where-in each attempt of surging high is all going in vain. Yet the recent uptrend which accumulated huge buying volume raised hopes of going parabolic but with the start of the current month, the FLOW price yet again fell into a deep bearish well. No doubt the selling pressure has not accumulated well, but on the contrary, the buying volume is unable to prevent the asset from visiting lower levels. 

Will FLOW price discover new lows in the coming days? Let’s check it out!

Flow(FLOW)/USDT Technical Analysis at a Glance

Flow price had broken the downtrend line amid the recent sell-off ad plunge drastically to visit the lower levels close to $4.3. The buyers quickly jumped in and uplifted the price above $7 but fell prey to the bears who quickly extracted witnessing a slight yet strong jump. Currently, no signs of a strong rebound is been witnessed as the selling pressure is yet again accumulated. 

Additional Read: Crypto Taxation Guide Budget 2022

Flow(FLOW) Technical Indicators & Pivot Levels

Technical Indicators

Pivot Levels

Summary

The FLOW price is relatively bearish in the short as well as long time frame. Most of the indicators are either bearish or neutral. The Stochastic RSI which moves pretty much close to the price is neutral in both time frames. Yet the main difference here is StochRSI is heading towards the north in STF yet towards the south in the HTF. On the other hand, the Average Directional Index(ADX) which showcases the strength of the rally is currently neutral.

The MACD displays the possibility of the asset flipping the downtrend in the short term while in the long term the asset is expected to undergo a minor plunge. The bull/bear power is more or less bearish in both time frames as despite some uptrend yet the bears are still very strong. 

Coming to the pivot levels, the current price is just below one of the strong resistance at 200-day MA around $6.04. And as the technicals suggest, the asset could recover to some extent in STF, and hence the lower support may remain distinct. And therefore, the next levels to surpass may be at 50-day MA and finally at the upper strong resistance at around $7.33.

Flow(FLOW)/USDT Technical Analysis for the Week

The FLOW price was hovering around the upper resistance levels until the beginning of the present month. However, the price was further slashed drastically which plummeted the price towards the new lows. Yet the asset is attempting to prevent forming new lower levels, yet the buyers lag the momentum to keep up the upturned. And hence consolidation may continue for some more time until a large influx of buying volume does not flood in.

Source: Tradingview Date:03-02-2022 Time: 12pm

• FLOW price was hovering up and down along with the current resistance and appeared to be well-positioned to follow a notable uptrend
• Woefully the plunge drained out much of the value with just a couple of days and now displaying possibilities of a minor rebound
• If the buyers utilize the opportunity and jump in, the price may undergo a notable uptrend very soon.
• Yet the asset is swinging within a falling wedge which is a bullish pattern and hence on hitting the apex, the FLOW price appears to be primed to rebound with notable intensity
• It may slice through the pattern and head towards the resistance, but before that, another correction may make its way out. 
• The FLOW price may correct itself slightly and eventually attracting many buyers at this level could barge in the resistance very soon

Additional Read: Flow Price Predictions 

Flow(FLOW)/USDT Technical Analysis for Today: 03 February 2022

Ever since the beginning of the February 2022 trade, the Flow price is accumulating huge bearish red candles very frequently. The buying compared to selling is almost negligible and hence the bulls may be waiting for the asset to gear up a little to enter. No doubt the initial resistance is pretty close, yet an uptrend may not be certified on sustaining at these levels. The FLOW price needs to regain its initial levels above $7 to establish an uptrend and eventually hit a 2 digit figure to ignite a bull run. 

The FLOW price at the press time is $5.92 with a drop of nearly 8.48% compared to the previous day’s close. The trading volume remains diminished by nearly 19% whereas the market cap has depleted by 8.16% recording $1.8 billion.

Where & How to buy Flow(FLOW)

Investing in Flow or any of your favourite cryptocurrencies is very simple in CoinDCX. We aim to offer smooth trades, a unique user experience, built-in features which enable you to make better decisions, etc at a very affordable cost. 

All you need to do is just download the CoinDCX App on your smartphone and enter the required details like your name, email-id, etc, and your bank details to deposit and withdraw funds. Once the bank verification is done, which usually takes just a few seconds, fund your wallet and start your trade!

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