Flow price started the year well as investors bought the coin’s dip. It surged to a high of $0.746, which was the highest level since December 27. It has risen by more than 14.9% from the lowest level in 2023. It has a market cap of more than $755 million.
What is Flow and why is it rising?
Flow is one of the most underrated blockchains in the industry. It is an Ethereum rival that is known for unparalleled speed and significant market activity. It has over 400 network nods and over 2 million monthly transacting wallets. Over 8,000 developers are building decentralised applications using its network.
Flow has been embraced by some of the biggest companies in the world like the NBA, UFC, LaLiga, Samsung, and Meta Platforms. It can be used to build applications in all industries like DeFi, Non-Fungible Tokens (NFT), and the metaverse.
However, Flow is best-known for its NFT projects. According to CryptoSlam, Flow is one of the biggest players in the NFT space in terms of volume. For example, its NFL NFTs have over 90,000 owners while NBA’s Top Shot have over 750k owners. Flow NFTs are available on Instagram.
Recently, however, the volume of Flow NFTs has been in a downward trend. The network handled over $5.2 million worth of NFTs in December, which was lower than the $6 million that it handled in November. At its peak in March 2021, Flow was handling NFTs worth over $208 million. This is one of the reasons why Flow price sunk in 2022.
Flow price prediction
The four-hour chart shows that Flow price has been in a strong bullish trend in the past few days. In this period, it has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved above the overbought level. It is also approaching the important resistant level at $0.786.
Therefore, Flow will likely continue rising as buyers target the next key resistance point at $0.80. However, a drop below the support at $0.70 will invalidate the bullish view.
