Analysis of FLOW/USDT
Trend Overview:
The price has shown a strong recovery and is currently trading at $0.710, with a minor increase of 0.57% in the last session.
The 200-day SMA at $0.555 suggests that the price has broken above the long-term resistance and is trading above its major moving average.
Support and Resistance:
The current support zone lies between $0.520 and $0.538, which represents a previously tested accumulation zone.
The resistance zone is marked around $0.710 to $0.800, as indicated by historical rejections in this price range.
RSI (Relative Strength Index):
RSI is at 69.33, close to the overbought territory. This indicates strong bullish momentum, but caution is advised for potential short-term corrections.
MACD (Moving Average Convergence Divergence):
The MACD line is at 0.024, with a signal line at 0.020, confirming a bullish crossover. This supports the continuation of upward momentum.
Volume Analysis:
Trading volume stands at 3.355M, indicating consistent interest and participation in the current uptrend.
Chart Patterns:
A falling wedge breakout pattern is observed, which is a bullish continuation signal. The breakout confirms the potential for the price to retest higher resistance levels.
Summary:
FLOW/USDT is in a strong bullish phase, breaking above key resistance and forming a new upward momentum. Traders should monitor resistance at $0.710-$0.800 for potential rejections and consider support at $0.520-$0.538 for dip-buying opportunities. RSI nearing overbought levels suggests caution for possible short-term retracements.