Flow: Here’s why short-term traders may not be elated about this price FLOW
Metaverse-driven blockchain, flow again its elements. Of course, it did not sweep the cryptocurrency market with an unparalleled rally. Nonetheless, the network appears to be focused on providing more options for users accessing its decentralized infrastructure.
To achieve its goals, FLOW has added some integrations to its recently launched decentralized exchange (DEX), MetaplierFlow. According to reports from mobile universethe integration has spawned partnerships with cross-chain platforms, Sele Network.
Metapier and @CelerNetworkThe partnership enables users to connect USDC, WETH and WBTC from Ethereum to Flow for easy transactions @MetapierFlowNewly launched DEX pic.twitter.com/sdJOSWys0y
— Flowverse 🌊 – Discovering the Flow blockchain (@flowverse_) August 26, 2022
two steps ahead
The recent partnership is another one that pushes to strengthen the decentralization of the FLOW ecosystem. Recall that this is not the first attempt to create such a system. Earlier, FLOW cooperating Perform similar tasks with Decentralized Autonomous Organizations (DAOs).
While there are some differences, the latest development will mean that FLOW users can easily connect to other cryptocurrencies.Assets mentioned include USD/USD, wrapping ethereum [WETH], Ethereum [ETH], and wrap bitcoin [WBTC]. Despite these additions, FLOW doesn’t seem to care.
The consolidation did not lead to positive price movements in FLOW. Per CoinGecko, the coins seem to prefer to “flow” south. At the time of writing, the coin price is exactly $1.90. This value is down 9.5% from the past 24 hours. Interestingly, as of Aug. 26, the cumulative 30-day change remained positive with an increase of 18.58%.
Still, a month of green is not enough to bring positive sentiment to the coin. FLOW investors may find some positives from these updates. First, the 4-hour chart against USDT shows much lower volatility than it was during the August 18-22 period. Bollinger Bands (BB) reveal this sentiment.
As for momentum, the Relative Strength Index (RSI) is neutral but showing bearish signs at 45.70. While evaluating it further, the Awesome Oscillator (AO) is indecisive as to whether it is bullish or bearish. Although, it is more like a minus sign, the AO value is -0.048.
Digging into the on-chain part, the impression of FLOW may not be as expected, especially for short-term traders.according to mood, the integration triggered a positive trend in development activities. But little has changed for the total supply of whales, worth $5 million or more.
With FLOW 94.9% away from re-setting an all-time high (ATH), investors may want to keep hopes to a minimum. However, even if the cryptocurrency market shows no clear signs of exiting its bear state, all may not be lost.