The Flow price recently experienced a recovery after dropping below $0.430 and staying below that level for several days. It reached a high of $0.48 before facing resistance at $0.452, preventing it from reaching $0.5. Currently, Flow is trading at $0.447 and its trading activity has increased by 108% in the last 24 hours.
On a weekly timeframe, Flow remains bearish with a 3% drop in the past seven days and significant drops of 17% and 52% in the previous 30 days and six months, respectively.
The altcoin’s 14-day Relative Strength Index (RSI) is flattening out at $49, indicating a balance between buying pressure and overhead pressure. The Moving Average Convergence Divergence (MACD) indicator also suggests indecisiveness as it levels out near the zero line.
From a technical standpoint, the support level at $0.434 and $0.45 may not be strong enough to prevent another sell-off. If sellers gain control, the price could drop below $0.43 and potentially reach as low as $0.391.
However, some analysts believe this is a good opportunity to take a long position. Pro Crypto Traders suggest that the current demand level could lead to buying pressure that pushes the Flow price out of consolidation and into a sustained recovery.
The bullish MACD indicator supports this sentiment, as long as it continues to move above the signal line. If Flow manages to break through resistance levels, it could rise to $0.463 and potentially reach $0.58.
September historically tends to be a challenging month for crypto prices, but as Q4 2023 approaches, bullish sentiment may return. In the meantime, there are investment opportunities in cheap altcoins like Meme Kombat, which offers the potential for significant returns once the bull market resumes.
Meme Kombat is a new cryptocurrency in presale that combines nostalgic gaming and GambleFi into a decentralized Web3 platform. Players can bet on animated battles between meme characters and potentially earn attractive rewards. The project’s decentralized nature ensures transparency and unpredictability in the outcomes. The presale of the Stake-to-Earn $MK token offers early adopters a chance to earn passive income while gaming. The project has already gained significant attention and is expected to make substantial returns once listed on exchanges.
Overall, Flow shows signs of recovery, but there are still challenges ahead. Meanwhile, Meme Kombat presents an exciting investment opportunity in the world of crypto gaming.
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