The final time we had a have a look at FLOW’s efficiency, we noticed a assist retest on the $1.42 degree. Quick ahead to the current and the cryptocurrency is up virtually 20% after a bullish pivot.
Right here’s AMBCrypto’s worth prediction for FLOW
FLOW managed to drag off a 23% upside because it bottomed out final Friday (21 October). We noticed a little bit of a pullback from its weekly excessive at $1.76 to its $1.675 press time worth.
This efficiency got here with quite a lot of pleasure, notably as a result of the cryptocurrency demonstrated relative dormancy adopted by bearish slippage.
Regardless of the thrill, FLOW’s newest reduction rally solely represents a small proportion of worth restoration. Particularly, in comparison with its 56% drawdown from its August peak.
The investor’s dilemma
FLOW nonetheless has quite a lot of potential restoration upside earlier than regaining the August excessive. However, the newest upside is just not a assure that the bears are carried out searching. There may be nonetheless a considerable chance of a pivot in favor of the bears particularly now that many anticipate extra upside.
FLOW’s newest upside has it interacting with the 50-day shifting common. This state of affairs usually performs out as a reversal signal, therefore there’s a vital likelihood that it’d revert to the draw back because the weekend approaches.
After all, extra upside is feasible if the market sentiment favors the bulls. FLOW would even be in a greater place to withstand the draw back if it might safe sturdy natural demand, resembling from the NFT market.
The FLOW community did file a large enhance in NFT exercise within the final two weeks. Each the NFT trades quantity and complete NFT trades rely metrics demonstrated some upside within the second half in comparison with the primary half of October.
The most recent NFT volumes haven’t essentially been sturdy sufficient to ship an enormous demand driver or encourage a powerful bullish sentiment.
Talking of NFTs, The FLOW community simply confirmed the launch of a brand new NFT gallery web page referred to as Flowverse. The latter will permit NFT holders to view their NFTs inside one UI.
Extra not too long ago, the community introduced that builders are testing NFT tweet information which could pave the best way for extra intensive use of NFTs on Twitter.
Builders 🤝 NFT Tweet Tiles
Now #onFlow! https://t.co/R60X80446x
— Circulate (@flow_blockchain) October 27, 2022
So far as the prevailing market sentiment is anxious, FLOW did expertise a slight enhance in buyers’ confidence this week. The identical goes for its demand within the derivatives market.
Nonetheless, this confidence enhance associated to FLOW’s demand is basically linked to the enhancements within the total market situations.
That is affirmation that natural demand may not come to the rescue and market situations are nonetheless navigating the fog of uncertainty.