FLOW enjoys winning streaks. The coin traded at its peak on Thursday and shot upwards following a seven-day losing streak.
- FLOW records peak levels and shows renewed energy after one week
- The price targets $3 as a key resistance
- The current price of the token is $2.28, with a dip in 17.47%
The uptrend came unexpectedly especially since FLOW’s market cap is trading lower at 1.14%. Altcoins such as SHIB have also fallen by 10%.
FLOW, one of the strongest movers on Thursday
FLOW, which was in a strong position on Thursday after rebounding from a slump that had been ongoing for seven days straight, was clearly a crypto mover.
The crypto’s recent price drop reaching $2.54 also positioned itself as a support point. However, FLOW has risen to $2.80 due to the same bulls that crashed the party on August 8.
TradingView.com chart
The coin appears to be eyeing $3 as its resistance. FLOW needs to be able surpass the RSI looming hurdle in order to move closer to the target zone.
The RSI Index reads 60.32. This is below the ceiling level at 61.19. This is historically the zone that has been in favor.
Crosshair at FLOW: $3
Blockchain is seeing decentralization take root. This is why many DeFi projects have come together in an effort to make a new culture.
Crypto is the newest network that can dip into DeFi, with its DAO infrastructure spawned by CAST.
The CAST factor is crucial in attracting new projects to the Flow network. This results in increased opportunities for the coin.
After a 9.6% overnight uptrend, the crypto price reached its peak of $1.78 on July 28, An optimistic market mood may have also triggered the FLOW price rise after CAST was announced.
Source: TradingView.com| Source: TradingView.com
It’s still undetermined whether the FLOW price can continue to bolster or keep up with the uptrend. Amid the uncertainty of its consistency and performance to maintain its bullish streak, the recovery exhibited by the token in the 50-day moving average speaks volumes of the token’s potential.
It is clear that crypto has a high demand for this indicator. Flow opened the week in a bearish manner, leading the bears at the bottom to push a little lower than the RSI levels of 50% and then rebound.
According to CoinMarketCap, FLOW currently trades at $2.27 or down 17.75%.
Featured Image from www.onflow.org. Chart from TradingView.com