FLOW Technical Analysis: Breakout from Rounding Bottom Teases 25% Jump

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.

Upcoming Trend 

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.

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