Flow prices have been in a strong bearish trend over the past few weeks as the cryptocurrency has rebounded. The coin has fallen to a low of $1.8750, about 50% below its August peak, giving it a market cap of $1.9 billion.
Flow continues to grow
Flow is the leading blockchain project that aims to be the best platform for developers to build quality applications. It is a proof-of-stake (PoS) platform known for its speed and low transaction costs.
Flow is also known for its high profile partnerships. For example, it is a blockchain partner for organizations like the NBA, UFC, NFL, LaLiga, Samsung, and Ubisoft. According to the developers, there are more than 8,000 builders in its ecosystem. It also has over 13 million account wallets and over 2 million transaction wallets.
Flow has seen strong growth over the past few months. In particular, the network has seen strong growth in NFTs, especially now that Instagram has adopted the network. According to CryptoSlam, the total sales of NFTs in its ecosystem is over $15.8 million. This was an improvement from the $11 million in the previous two months.
Flow is also doing well in Decentralized Finance (DeFi). According to its website, the total value locked (TVL) in its ecosystem has risen to over $3.7 million. This growth is thanks to Increment Finance, a platform that enables people to deposit, earn, borrow and trade digital assets.
Flow’s recent weakness is mostly in line with the performance of digital assets currencies. The prices of most coins like BTC and ETH have been in a strong downtrend as the U.S. dollar index continues to rise.
Traffic Price Forecast
The four-hour chart shows that Flow has been in a strong bearish trend over the past few weeks. In the process, the coin has managed to break below the 25-day and 50-day moving averages. The Stochastic Oscillator has broken below oversold levels. It was just above the important support level at $1.6731.
Therefore, the coin may continue to fall as sellers target the next key level to watch at $1.50. A move above the resistance will be at $2.20.