- Summary:
- The Flow price is still struggling even as more developers embrace its ecosystem. We explain whether the coin is a good buy.
The Flow price is still struggling even as more developers embrace its ecosystem. The token is trading at $2.80, where it has been in the past few days. This price is about 26% above last week’s low of $2.21. It is also about 70% below its highest point this year, giving it a market cap of $2.88 billion.
Flow is a leading blockchain project that seeks to become a better alternative to Ethereum. It is a proof-of-stake platform that has faster speeds and lower transaction costs than Ethereum. As a result, its developers hope that it will become the go-to platform for web 3.0 deployments. The platform was created by the team that built CryptoKitties.
Flow has been embraced by many leading blockchain projects. Some of the most notable applications in its ecosystem are Alchemy Pay, Blocto, Instagram, and even YouTube. These firms love the ease of use of the platform. There are now over 7,000 developers who are building applications in its ecosystem. At the same time, the platform has over 350 nodes and more than 1.2 million transacting wallets.
The next key catalysts for the Flow price will be the decision by Yuga Labs on ApeCoin deployment and the ongoing permissionless contract development progress. The upgrade, which is expected to be launched in Summer, will focus n code-hardening, professional audits, and a bug bounty program.
Flow price prediction
On the daily chart, we see that the Flow coin has been in a strong bearish trend. This month, the coin managed to move below the important support level at $4.37, which was its lowest point on January 24th.
The coin has moved below the 25-day and 50-day moving averages while the Relative Strength Index has moved close to the oversold point. It has also formed a bearish flag pattern, which is usually a bearish sign. Therefore, the pair will likely keep falling as sellers target the support at $2. The stop-loss for this trade will be at $3.2.
