Biggest Movers: FLOW Rebounds Following 7-Day Losing Streak

Biggest Movers: FLOW Rebounds Following 7-Day Losing Streak

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by Eliman Dambell
FLOW was buying and selling greater on Thursday, because the token rallied upward following seven straight days of declines. The surge comes regardless of the worldwide crypto market capitalization buying and selling 1.14% decrease as of writing. Shiba inu fell by practically 10% in right now’s session.
FLOW was considered one of Thursday’s notable movers, because the token rebounded following seven consecutive days of declines.
The drops in worth noticed FLOW hit a low of $2.54, which has additionally acted as a latest help level.
Nevertheless, like on August 8, which is the final time costs had been at this flooring, bulls opted to reenter the market, sending FLOW/USD to a peak of $2.80 right now.
Since colliding with the help level, it seems that FLOW bulls at the moment are setting their sights on a resistance degree at $3.00.
Nevertheless, so as to transfer nearer so far, the token should first overcome an impediment within the relative power index (RSI).
As of writing, the index is at a studying of 60.32, which is marginally under a ceiling of 61.19, which has traditionally been an space the place bears place themselves.
While FLOW was up by practically 10%, shiba inu (SHIB) was down by virtually the identical quantity on Thursday.
SHIB/USD slipped to a low of $0.0000147 earlier in right now’s session, which comes roughly 4 days after hitting a excessive of $0.00001774.
This was the best level SHIB had climbed to since Could 10, nonetheless bulls went on to retreat from their positions, sending costs decrease.
Right this moment’s decline comes as market uncertainty has heightened, which will be seen within the RSI indicator, which is at the moment trending sideways.
The index seems to be transferring horizontally on the 62 degree, which had acted as a resistance level prior to now, and is now occupying the function of help.
If SHIB is to maneuver again in direction of this week’s earlier highs, then the RSI might want to transfer past 62, and head nearer to the 70 degree.
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Analysis, Cryptocurrency, Flow, shib, shiba inu

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Eliman brings a eclectic perspective to market evaluation, having labored as a brokerage director, retail buying and selling educator, and market commentator in Crypto, Shares and FX.

Picture Credit: Shutterstock, Pixabay, Wiki Commons, photo_gonzo / Shutterstock.com
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