The 4-hour chart shows the FLOW price has turned higher in the last week. Furthermore, trading volume increased dramatically in the previous two days, which could suggest accumulation. As a result, the price is approaching trend resistance at $14.00. Successful clearance of the trend could provide a bullish catalyst targeting the October high of $21.28.
Of course, until the price clears $14.00, the downtrend dominates the action. Therefore, the path of least resistance is lower as long as Flow remains below $14.00. Furthermore, a failure to break out on the upside could drive the price back to the October $11.50 low.
At this moment in time, investors should sit tight and see how the price performs if it reaches the descending trend line. Considering how far Flow has fallen there is no need to pre-empt a breakout.
For now, I am ambivalent towards the Flow price and put the odds of a breakout at 50/50. On that basis, I hold a neutral weighting on the token until a catalyst arrives in either direction.
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Of course, until the price clears $14.00, the downtrend dominates the action. Therefore, the path of least resistance is lower as long as Flow remains below $14.00. Furthermore, a failure to break out on the upside could drive the price back to the October $11.50 low.
At this moment in time, investors should sit tight and see how the price performs if it reaches the descending trend line. Considering how far Flow has fallen there is no need to pre-empt a breakout.
For now, I am ambivalent towards the Flow price and put the odds of a breakout at 50/50. On that basis, I hold a neutral weighting on the token until a catalyst arrives in either direction.
Hello community, please if you like my ideas do not forget to support them with your likes and comment, and you can also get in touch for daily signals and alerts
