Flow: Here’s why short-term traders may not be elated about this price FLOW
Metaverse-driven blockchain, FLOW is in its elements again. As a matter of course, it’s not taking the crypto market by storm with an unrivaled rally. Nevertheless, the network seems to be focused on providing more options for its users who access its decentralized infrastructure.
In achieving its objective, FLOW added some integrations to its recently launched Decentralized Exchange (DEX), MetaplierFlow. According to reports from Flowverse, the integration birthed a partnership with cross-chain platform, CelerNetwork.
Metapier and @CelerNetwork's partnership enables users to bridge USDC, WETH, and WBTC from Ethereum to Flow for easy trading on @MetapierFlow's newly launched DEX — Flowverse 🌊 – Discover Flow Blockchain (@flowverse_) August 26, 2022
Two steps ahead
The recent partnership is another one driven towards strengthening decentralization on the FLOW ecosystem. Recall that this is not the first go at creating such systems. Earlier, FLOW partnered with a Decentralized Autonomous Organization (DAO) towards a similar mission.
While there are some disparities, the latest development will mean FLOW users would easily bridge other cryptocurrencies. The assets mentioned include USDC, Wrapped Etheruem [WETH], Ethereum [ETH], and Wrapped Bitcoin [WBTC]. Despite the additions, FLOW seemed unconcerned.
One foot behind
The integrations didn’t result in a positive price movement for FLOW. Per CoinGecko, the coin seemed to prefer “flowing” in the south direction. At the time of this writing, the coin price was exactly $1.90. This value was a 9.5% decrease from the last 24 hours. Interestingly, the cumulative thirty-day change was still positive at a 18.58% gain as of 26 August.
Nonetheless, the one month green take was not enough to deliver a positive sentiment for the coin. FLOW investors may find some positives from these updates. First, the four-hour chart against the USDT showed extremely lower volatility than it was between 18 August and 22 August. This sentiment was revealed by the Bollinger Bands (BB).
As for the momentum, the Relative Strength Index (RSI) was neutral but showed gloomy signs at 45.70. While assessing it a step further, the Awesome Oscillator (AO) was indecisive whether it was a bullish edge or a bearish one. Although, it was more a negative sign with the AO value at -0.048.
Delving into the on-chain part, FLOW’s impression may not suit expectations especially for short-term traders. According to Santiment, the integration triggered development activity to a positive trend. But for the whales’ total supply worth $5 million and more, there was almost no change.
With FLOW at a 94.9% distance from re-hitting its All-Time High (ATH), investors may want to keep their hopes at a minimum level. However, all might not be lost even as the crypto market has not shown clear signs of exiting the bear state.Source