FLOW Technical Analysis: Can Bulls Sustain The Rally Above $2?

The long-wick rejection candle encourages a bearish pullback before the FLOW/USDT pair breach the $2.32 mark. Key Technical Points: The FLOW prices have appreciated 31% since last week. The 20-and-50-day EMA could soon provide a bullish crossover. The 24-hour trading volume of Flow is $169.4 million, indicating a rise of 81.5%. Past Performance of FLOW Following a drastic fall in April-May, the FLOW/USDT pair showcased a slow yet steady downward approach under the influence of a descending trendline. The multiple retests to this level indicated the sellers were aggressively selling on rallies, which plunged the altcoin to a low of $1.17. However, amid the improving market sentiment, the coin price breached this resistance trendline on July 16th. Source – Tradingview FLOW Technical Analysis A bullish breakout from the downsloping trendline indicates a shift in market participants’ sentiment from selling on rallies to buying on dips. The post-retest rally showcased three consecutive green candles and soared the altcoin by 27%. Moreover, this run-up breached an in-between resistance of $1.8, offering a higher footing for buyers to continue this rally. The FLOW price has pierced the 20-and-50-day SMA slope with the recent price jump, offering early signs of recovery. Furthermore, these lines may flip to a viable support level and bolster the current recovery. Additionally, the expanding gap between the fast and slow slopes of the ...