The Flow (FLOW) crypto has a relatively strong correlation to BTC. It generally tends to move with the change in sentiment on BTC’s price.
Similar to BTC’s struggle beneath the $66000 mark, Flow is also struggling under $0.732 in the third quarter of 2024.
In intraday, BTC has surged 2.07% which has boosted sentiment. All top 100 cryptos are displaying a green effect with BTC’s latest activity.
A trend analysis website has displayed that Flow is no exception; it has resonated with BTC’s intraday sentiment. Per the last 24 hours’ price activity, it surged by 9.8% and is currently trading at $0.5822 (at press time).
The global crypto market cap displayed a 2.28% increase to $2.07 Trillion intraday. Market volume is up by 0.67% to $55.95 Billion.
FLOW crypto’s intraday ascent has pierced the 20-day and 50-day EMA bands in one go. This now approaches the 200-day EMA band and this quarter’s tough resistance of $0.700.
How the Upgrade Will Set Flow up for a Rise
If bullish interest in BTC sustains, FLOW could achieve its target. Similarly, bullish sentiment and the upcoming Crescendo network upgrade could be just the trigger that Flow needs to escape its third-quarter 2024 consolidation.
The following upgrade is scheduled for September 4th, 2024, on the mainnet. This will connect the Flow application, which will make it fully interoperable with the entire web3 ecosystem.
The price has been stuck under $0.70 for almost two-and-a-half months, and this upgrade could ignite Flow’s price to break past barriers and advance.
Per the upgrade, apart from the notable enhancements like security and performance, it has more highlights to it. Firstly, they have worked on eliminating barriers for new developers to onboard. secondly, they have unlocked smart contracts that will be fully immutable ahead. Third, Flow has worked seamlessly to empower web3 developers.
Per its official website, its blockchain stats show that they have achieved more than 600 Million transactions.
The FLOW developers have grown more than 11000, with more than 450 developed apps. This showcases the seamless development and utilization of its ecosystem among developers.
Therefore, the upcoming upgrade could boost the sentiment and increase these numbers ahead in the future.
The Flow has proudly collaborated with brands like Samsung, Disney, and others. This has enhanced its position in the crypto space and solidified its founders’ connections.
As a result, they have a market cap position of 68th per the CoinMarketCap. Its market cap stands large at $900.18 Million.
Decoding The Flow Price Structure
Over the daily chart, the FLOW chart has shown an impressive surge of over 300% from the last quarter of 2023 to the first quarter of 2024.
Despite the exemplary gains, the price fell due to a rise in sell-offs by profit bookers, pushing FLOW back to the initial demand zone.
The price surged from the demand zone, but the dynamic resistance and extended bearish pressure acted as obstacles.
All eyes are set on this upgrade. If the upgrade favors the price action, $0.700 and $0.800 are potential targets.
On the contrary, if the breach were to fail, Flow would get deflected south again. Then the bears could push it back to $0.500 or further. Also, if it fails to push more south, then it could continue its sideways movement and invalidate the bullish theory.
