Flow Price Prediction as $300 Million Pushes FLOW Up 35% – What's Going On?
FLOW, the cryptocurrency that powers the NFT-focused Flow blockchain, has continued its strong rebound from the all-time lows it hit in June.
FLOW was last trading close to $0.75, up a further 4% on the day and up around 35% in the last seven.
At current price levels, the cryptocurrency has recovered an impressive 80% from its record lows of around $0.41 which were hit a few days after the US Securities and Exchange Commission labeled FLOW as a security in its dual lawsuits against Coinbase and Binance.
Helping the rebound has been a surge in trading volumes.
As per CoinGecko, FLOW has seen around $300 million in trading volumes over the past 24 hours.
Clearly, traders have been eager to buy the dip.
While FLOW is still below its 100 and 200-Day Moving Averages, suggesting the bearish medium-term trend isn’t over yet, the cryptocurrency is threatening a breakout above a key long-term downtrend from the August 2021 highs.
A break above here could open the door to substantial near-term gains, including a recovery back to the north of the $1.0 level.
However, sellers might see current price levels as attractive to add to shorts.
As a result, price predictions haven’t swung definitively bullish just yet.
While FLOW has the possibility to do very well in the near future, crypto investors should always look to diversify their holdings.
Investing in low market-cap gems is one of the best ways for investors with a strong risk tolerance to generate high returns.
These low-cap gems are often up-and-coming web3 projects that are conducting a crypto presale.
One such presale that the team at Cryptonews is a big fan of is an AI project called yPredict.
The yPredict AI-powered market intelligence platform is building a first-of-its-kind,
Read more on cryptonews.com
