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Flow price has been in a strong bearish trend in the past few weeks as cryptocurrencies recoil. The coin has crashed to a low of $1.8750, which was about 50% below the highest level in August, giving it a market cap of $1.9 billion.
Flow is a leading blockchain project that seeks to become the best platform for developers to build quality applications. It is a proof-of-stake (PoS) platform that is known for fast speeds and low costs of transactions.
Flow is also known for its high-profile partnerships. For example, it is the blockchain partner for organisations like the NBA, UFC, NFL, LaLiga, Samsung, and Ubisoft among others. According to the developers, there are over 8,000 builders in its ecosystem. It also has over 13 million account wallets and over 2 million transacting wallets.
Flow has seen strong growth in the past few months. In particular, the network has seen strong growth of its NFTs, especially now that Instagram adopted the network. According to CryptoSlam, the total volume of NFT sales in its ecosystem was over $15.8 million. That was an improvement from the previous two months’ $11 million.
Flow has also done 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 was helped by Increment Finance, which is a platform that enables people to deposit, earn, borrow, and trade digital assets.
The recent weakness of Flow is mostly in line with the performance of digital currencies.The prices of most coins like BTC and ETH has been in a strong downward trend as the US dollar index continues rising.
The four-hour chart shows that Flow has been in a strong bearish trend in the past few weeks. Along the way, the coin has managed to move below the 25-day and 50-day moving averages. The Stochastic Oscillator has moved below the oversold level. It has moved slightly above the important support level at $1.6731.
Therefore, the coin will likely continue falling as sellers target the next key level to watch will be at $1.50. A move above the resistance level to watch will be at $2.20.
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