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Flow (FLOW) has witnessed prolonged consolidation as prices hovered beneath a significant obstacle for about ten months. However, the altcoin printed a bullish setup that forecasts a robust uptrend.
Bitcoin (BTC) jumped past $50K on Monday as exchange-traded funds attract institutional participants to the digital coins industry. That catalyzed notable uptrends in the altcoin market. FLOW gained around 10% on its daily chart to trade at $0.8901 during this writing.
FLOW 1D Chart on Coinmarketcap
FLOW price approaching a breakout
Flow has had its price actions beneath the support of $0.93 since losing the foothold on 19 April 2023. That saw the alt forming a cup and handle pattern – a technical setup comprising a rounded bottom formation and a slight consolidation beneath a horizontal resistance.
FLOW’s extended consolidation under $0.93 created a round bottom. Further, the subsequent consolidation yielded a declining wedge, which saw a breakout amidst ongoing recovery, launching a rebound toward the $0.93 breakout region.
Such a move would see FLOW jumping 55% to tag $1.44.
Nonetheless, enthusiasts should beware that Flow’s bullish stance relies on breaking out from the cup and handle. Thus, $0.93 remains vital in gauging the altcoin’s upcoming trends.
Bulls should maintain the upsides as a rejection from $0.93 would see Flow bear emerging. A 3-day candle closing beneath $0.69 would cancel the anticipated price surge, potentially catalyzing a dip toward the lows of $0.62.
Further, broad market actions remain crucial for the FLOW price trajectory. The overall cryptocurrency market capitalization increased by 4.11% in the past 24 hours to $1.87 trillion, showcasing bull dominance. Further, analysts trust that altcoin season has begun, meaning a lucrative environment for stable price surges for the sector.
so I've got this formula which has predicted the beginning of each and every bullmarket till date, and it's finally flashed the signal for an altcoin rally at the levels I've been watching for on the weekly timeframe, let's go? 🚀🚀🚀 pic.twitter.com/2aAzsKQU9w
— jupiter 🌐 (@stockjupiterr) February 12, 2024
The broad market outlook supports FLOW’s forecasted breakout.
The post Flow (FLOW) edges closer to a bullish breakout as crypto markets recover appeared first on Invezz
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