With the crypto bulls again in swing, good points will be seen throughout the crypto spectrum, together with these native to NFT-focused networks. FLOW occurs to be on this class and a have a look at its worth motion has thus far bounced again 65% from the underside of its newest bearish cycle.
Regardless of its newest upside, FLOW nonetheless got here in need of its Might help stage close to the $2.31 worth vary. Its mid-week pullback highlighted the chance of the development shedding momentum in favor of a correction. Nevertheless, it managed to bounce again and the bulls are again in management. FLOW traded at $1.88 on the time of writing. Nevertheless, can the alt safe sufficient bullish stress to achieve the earlier help?
FLOW’s Cash Movement Indicator (MFI) confirms that the cryptocurrency was closely overbought since mid-June. Moreover, the Relative Energy Index (RSI) was in an upward trajectory and stood at 59.18 on the time of writing. Nevertheless, it’s not but overbought, therefore there may be nonetheless room for some extra upside earlier than investor sentiment switches in favor of the bears.
FLOW’s capability to carry on to latest good points may be rooted in a latest announcement about its Teleport bridge. The announcement revealed that Ethereum customers can switch USDC to the Movement blockchain. The implication of the announcement is that it could possibly doubtlessly unlock the movement of numerous funds from Ethereum. Particularly from traders excited by buying NFTs throughout the FLOW ecosystem.
— Flowverse 🌊 – Uncover Movement Blockchain (@flowverse_) July 22, 2022
What are the possibilities of disrupted movement?
FLOW NFTs generated important exercise within the final 30 days. Complete NFT trades volumes soared as excessive as $7.01 million on 15 July however have diminished drastically since then. The NFT metrics additionally reveal one thing attention-grabbing about NFTs on the FLOW community. Traders appear extra within the pricier NFTs revealed by the variety of new or distinctive addresses that bought NFTs value greater than $100,000.
NFT volumes appear to dip virtually each time the worth experiences volatility related to a directional shift. If this remark holds true, then the subsequent few days may yield one other shift in favor of the draw back. That is more and more possible given the virtually overbought nature of the present worth stage. Whales trimmed their FLOW holdings as of twenty-two July, thus contributing to some bearish stress.
The above remark aligns with a drop in FLOW’s FTX funding price. This means that extra traders are adopting a bearish sentiment at FLOW’s present worth stage. This may be an indication that the present upside may be restricted at the least till a major retracement. Nevertheless, there may be nonetheless a major chance of an prolonged bullish wave if the general market sentiment stays in favor of the upside.