FLOW coin’s price is approaching the resistance of the triangular pattern, highlighting the breakout probability. Should you consider purchasing before to the pre-breakout period?
Key technical points:
- FLOW prices have inflated 38% in the last two weeks.
- The bullish rally crosses over the 50-day EMA.
- Finally, the 24-hour trading volume of Flow is $1.49 Billion, marking a 48% rise.
FLOW’s Previous Performance
In the early days of March, the FLOW coin price struggled to break above the 50-day exponential moving average, but the reversal from the support trendline changed everything. The reverse rally outperformed the 50-day exponential moving average and accounted for an almost 40% increase in the last two weeks prior to reaching the resistance trendline.
Technical Analysis of FLOW
FLOW coin’s daily candlestick chart demonstrates a bullish candle nearing the resistance trendline with a 5% gain, weakening the previous inverted hammer candle. As a result, the buyers are in complete control of the trend and may soon overcome the sellers-driven trendline.
The market price is approaching the 100-day exponential moving average and exhibiting a reversal in the 50-day EMA. Thus, a break over the 100-day EMA will amplify purchasing pressure and trend momentum.
RSI Indicator: The RSI slope reveals an incredible increase in underlying bullishness, as the RSI line increases 30 points to flirt with the overbought border. Additionally, the 14-day SMA crosses above the midway point this week, enhancing the likelihood of persistent buying pressure.
MACD Indicator: The MACD and signal lines resume bullish momentum following a brief decline. Bullish MACD histograms also reemerge following a brief decline. The widening spread between the lines enhances the likelihood of an uptrend sustaining.
In a word, as the market rebounds and buyers increase, the FLOW technical analysis stresses the greater likelihood of a breakout rally.
The FLOW coin price is exhibiting a strong upward momentum within the triangle formation, which raises the likelihood of a trendline breakout. As a result, the upswing has the potential to hit the $10 level, representing a 30% price increase if buyers retake the 100-day EMA bastion.
Support Levels: $6.75 and $6
Resistance Levels: $8.5 and $10
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.