The final time we had a have a look at FLOW’s efficiency, we noticed a help retest on the $1.42 stage. Quick ahead to the current and the cryptocurrency is up virtually 20% after a bullish pivot.
Right here’s AMBCrypto’s value 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 value.
This efficiency got here with a variety of pleasure, notably as a result of the cryptocurrency demonstrated relative dormancy adopted by bearish slippage.
Supply: TradingView
Regardless of the thrill, FLOW’s newest aid rally solely represents a small proportion of value restoration. Particularly, in comparison with its 56% drawdown from its August peak.
The investor’s dilemma
FLOW nonetheless has a variety of potential restoration upside earlier than regaining the August excessive. However, the most recent upside is just not a assure that the bears are accomplished looking. There may be nonetheless a considerable likelihood of a pivot in favor of the bears particularly now that many count on extra upside.
FLOW’s newest upside has it interacting with the 50-day shifting common. This state of affairs typically performs out as a reversal signal, therefore there’s a important probability that it would revert to the draw back because the weekend approaches.
In fact, 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, reminiscent of from the NFT market.
The FLOW community did report a large enhance in NFT exercise within the final two weeks. Each the NFT trades quantity and whole NFT trades rely metrics demonstrated some upside within the second half in comparison with the primary half of October.
Supply: Santiment
The newest NFT volumes haven’t essentially been sturdy sufficient to ship a large 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 known as Flowverse. The latter will permit NFT holders to view their NFTs inside one UI.
Extra just lately, the community introduced that builders are testing NFT tweet information which could pave the way in which for extra in depth use of NFTs on Twitter.
Builders 🤝 NFT Tweet Tiles
Now #onFlow! https://t.co/R60X80446x
— Stream (@flow_blockchain) October 27, 2022
So far as the prevailing market sentiment is worried, FLOW did expertise a slight enhance in traders’ confidence this week. The identical goes for its demand within the derivatives market.
Supply: Santiment
However, this confidence enhance associated to FLOW’s demand is essentially linked to the enhancements within the general market situations.
That is affirmation that natural demand won’t come to the rescue and market situations are nonetheless navigating the fog of uncertainty.