The power price has been in a strong bearish trend for the past few weeks as cryptocurrencies recoil. The coin has crashed to a low of $1,8750, which is about 50% below its August high, giving it a market cap of $1.9 billion.
Flow growth continues
Flow is a leading blockchain project that aims to become the best platform for developers to build quality applications. It is a proof-of-stake (PoS) platform known for high speeds and low transaction costs.
Flow is also known for its high-profile partnerships. For example, it is the blockchain partner for organizations like the NBA, UFC, NFL, LaLiga, Samsung and Ubisoft. According to the developers, there are more than 8,000 builders in the ecosystem. It also has more than 13 million account portfolios and more than 2 million transaction portfolios.
Flow has experienced strong growth in recent months. Notably, the network has seen strong growth in its NFTs, especially now that Instagram has adopted the network. According to CryptoSlam, the total volume of NFT sales in its ecosystem was over $15.8 million. That was an improvement from the $11 million of the previous two months.
Flow has also done well in decentralized finance (DeFi). According to its website, the total value locked (TVL) in its ecosystem has risen to over $3.7 million. This growth was aided by Increment Finance, a platform that allows people to deposit, earn, borrow and trade digital assets.
Flow’s recent weakness is largely in line with the performance of digital currencies. The prices of most currencies such as BTC and ETH are on a strong downward trend as the US dollar index continues to rise.
Power price forecast
The four-hour chart shows that Flow has been in a strong bearish trend for the past few weeks. Along the way, the coin has managed to break below the 25 and 50 day moving averages. The Stochastic Oscillator has fallen below the oversold level. It is slightly above the key $1.6731 support level.
Therefore, the coin is likely to continue to fall as sellers target the next key level to watch, which will be $1.50. A move above the resistance level to watch is $2.20.
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