FLOW Technical Analysis: Bearish Pattern Develops In Ongoing Correction

FLOW prices remain trapped under the correction phase resulting in a 60% downfall. Will the bullish powers make a comeback to break the pattern? Key technical points: FLOW prices fell 52% in the 30 days. The correction phase forms a falling channel pattern. The 24-hour trading volume of Flow is $79.60 Million, indicating a 90% surplus. Past Performance of FLOW Starting on 3rd April, FLOW price started to spiral down uncontrollably within a falling channel pattern resulting in a decline of more than 60%. The downfall breaks under all the crucial EMAs and the psychological milestone of $5 and retests it in early May. Currently, the market value stands at $2.89 with the price action teasing a potential breakout of $2.65. Source-Tradingview FLOW Technical Analysis As the bullish cycle in the falling channel struggles to propel the FLOW prices above $3, it teases a reversal to $2.65. As a result, it will form an inverted rounding bottom pattern, which upon breakout will further increase the downtrend. The falling trend in the crucial SMAs – 50, 100, and 200 days continues in a bearish fashion with the recent failure of a bullish crossover. As the 50-day SMA retraces from the 100-day SMA, a resurgence of bearish prowess is crystal clear. The downtrend in the RSI slope (blue line) takes a sideways shift near the 30% boundary with the 14-day SMA mimicking the same while maintaining the bearish influence. As for the MACD indicator, the...