Flow (FLOW) Reaches New All-Time Low on June 16

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Be[In]Crypto takes a look at the five cryp­tocur­ren­cies that decreased the most last week, includ­ing Flow (FLOW).

These cryp­tocur­ren­cies are: 

  1. Nexo (NEXO) : ‑44.42%
  2. Flow (FLOW) : ‑40.38%
  3. Curve DAO Token (CRV) : ‑39.01%
  4. Waves (WAVES) : ‑38.77%
  5. Gno­sis (GNO) : ‑38.29%
  6. Ethereum (ETH) : ‑37.69%

NEXO

NEXO has been falling since reach­ing a high of $3.55 on April 29. The down­ward move­ment has been swift, so far lead­ing to a low of $0.61 on June 15. 

More impor­tant­ly, the decreased caused a break­down below the $1.10 hor­i­zon­tal area, which had pre­vi­ous­ly been act­ing as sup­port since May 2021. 

The next clos­est sup­port area is at $0.615, cre­at­ed by the 1.61 exter­nal Fib retrace­ment resis­tance level.

FLOW

FLOW has been decreas­ing grad­u­al­ly since July 30. The down­ward move­ment has so far led to a new all-time low of $1.37 on June 16. 

While the dai­ly RSI is extreme­ly over­sold, there are no bull­ish rever­sal signs on the dai­ly time frame, such as a poten­tial bull­ish reversal.

It is pos­si­ble that FLOW has been decreas­ing inside a descend­ing par­al­lel chan­nel since April 2. More recent­ly, the chan­nel reject­ed the price on June 10 (red icon). 

In this case, the clos­est sup­port area would be at the mid­dle of the chan­nel at $0.70.

CRV

Sim­i­lar­ly to FLOW, CRV is trad­ing inside a descend­ing par­al­lel chan­nel. It has been doing so since the begin­ning of Feb. 

Addi­tion­al­ly, the dai­ly RSI is over­sold. How­ev­er, CRV is cur­rent­ly at the sup­port line of the chan­nel (green icon), increas­ing the pos­si­bil­i­ty of a bounce. 

If one occurs, the clos­est resis­tance area would be at $1.15, the mid­dle of the afore­men­tioned channel.

WAVES

WAVES has been falling since reach­ing an all-time high price of $69.88 on March 31. The decrease has been swift, with the price hav­ing decreased by 93% so far. 

WAVES is at risk of break­ing down from its June lows, some­thing that could fur­ther accel­er­ate the rate of decrease.

GNO 

In the peri­od between Nov. 2021 and March 2022, GNO cre­at­ed a triple top pat­tern (red icon). This is known as a bear­ish rever­sal pattern.

After the third top, GNO decreased by 80% in only 82 days, lead­ing to a new all-time low price of $109.4 on June 15.

Due to GNO being at an all-time low, there is no sup­port below the cur­rent price.

For Be[In]Crypto’s lat­est bit­coin (BTC) analy­sis, click here.

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Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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