The Flow price has risen in the past two straight days. FLOW is trading at $14.76, which is about 61% above the lowest level this week. This jump has brought its total market capitalization to more than $4.4 billion, making it the 43rd biggest coin in the world.
Flow is a relatively new blockchain project that was developed by the team behind CryptoKitties. The platform, which uses the proof-of-stake technology, is known for its speed and reliability. Its validators have the role of collecting nodes to increase efficiency and executing nodes to boost speed and scale. They also have verifier nodes to guarantee correctness and consensus nodes that ensure decentralization.
Today, Flow is used by some of the leading brands globally. Some of those that are using it one way or the other are Samsung, BlockDaemon, Binance, NBA, and Figment Networks among others. It is backed by who is who in Silicon Valley like Andreessen Horowitz, Coinbase Ventures, Venrock, and BlockChange. This means that Flow could be the next big thing in cryptocurrencies.
The four-hour chart shows that the FLOW price has been in a steady bullish trend in the past few sessions. Along the way, the coin has managed to move above the 25-day moving average while the MACD has made a bullish crossover. The price has risen after it formed a falling wedge pattern.
Therefore, there is a likelihood that the price will keep rising as bulls target the next key resistance level at around $20, which is about 37% above the current level. However, a drop below the support level at $12.6 will invalidate the bearish view.
This post was last modified on Oct 21, 2021, 10:25 BST 10:25