FLOW Technical Analysis: Long Term Resistance Level of Fibonacci pivot point of $17.660 Crossed

FLOW was designed to help the app developers, in providing them a fast and friendly blockchain. FLOW is known for delivering great customer experiences with games like CryptoKitties, Dapper Wallet, and many more. FLOW is already building top-tier content as compared to its other peers. Let us look at the technical analysis of FLOW.

Past Performance

On July 9, 2021, FLOW started trading at $14.15. As of July 15, 2021, the closing price of FLOW was $17.92. Thus, in the past week, the price has surged roughly by 26.06%. In the last 24 hours, FLOW has traded between $17.75 – $20.89.

https://www.tradingview.com/x/qef8uasD/

Day-Ahead and Tomorrow

Currently, FLOW is trading at $18.99. The price has increased from the opening price of $17.90. Thus, it seems that FLOW is currently trading in a range. A breakout from this range will decide the future trend of the token.

Now, the MACD and signal lines have entered the positive zone, that is, above the zero range. Plus, forming a bullish crossover by the signal line over the MACD line. Thus, the overall market momentum is bullish, and we can expect a surge in price after some re-test.

The RSI indicator is currently below the overbought zone, therefore it has the potential to rise further. The RSI indicator is at 67%. It has rallied from the mark of 60%. Thus, indicating that the buying pressures have increased in the market. While looking at the long-term trend, it is making a bullish divergence.

FLOW Technical Analysis

Currently, the price is trading above the Fibonacci pivot point of $17.660. This level has also acted as a long-term resistance. After creating support at this level, the price can rally and form new highs. Also, as some of the oscillators have shown bullish signals, we can expect the price to increase and test the Fibonacci pivot resistance level of $21.02 soon. If the price breaks this FIB resistance level, it will highlight the next resistance at $23.

If the sellers start dominating the market, we will have to closely watch the level of $17.60 as an immediate support level. If the price breaks this level, it can test the level of $16.60. Thus, traders can take a short position.

Moreover, FLOW is following a parallel channel range, any dip will be a good opportunity for accumulating.