The Flow price today is $1.09. In the last 24 hours, its value has dropped by 11.2%. Flow’s current market cap stands at $1131,002,163, and the circulating supply of 1,036,200,000 Flow coins at the time of writing this article.
Flow’s price has dropped by 3.4% in the last 7 days. On studying its day-to-day price graph from the beginning of this year, it is evident that every slight hike in the value has been battered by a slump. This year, until now, it had its peak on the 23rd of January, 2023, at $1.29 before retracing. It seems that the bullish push Flow was given thanks to Bitcoin’s support is over. But can Flow rise again using its own merits?
Flow Price Prediction – Will it be able to defy the current trend?
Flow’s last Death Cross in the bitcoin market happened in August 2021. Soon after that, Flow’s 200-day simple moving average (SMA) has been signaling SELL. It is currently trading way below the 200-day SMA.
Since January 13, 2023, the 50-day SMA has also been signaling SELL. Flow is currently trading below its 50-day SMA.
The Flow price prediction sentiment is shaping up to be heavily bearish. According to our technical analysis of Flow price prediction, its value is predicted to rise by 39% and reach $1.48 by mid of February 2023. However, in over a month, by the 13th of March 2023, the value of Flow is expected to drop by -0.6% and come down to $1.02.
It is expected that Flow’s 200-day SMA will drop further and hit $1.28 by March 15th, 2023. Flow’s short-term 50-Day SMA is predicted to hit $1.35 by march 15, 2023.
Even though every analysis and trend is pointing toward a slump, the popular Relative Strength Index (RSI) indicators are telling a different story. The RSI value is at 57, which indicates that the Flow market is in a neutral position – which means that there is hope for Flow to climb using its own merits.
According to experts, Flow’s price prediction for 2024 is around $1.67, and the average price should be somewhere around $1.75. The prediction shows a slight increase for the year 2025, with a price range of Flow between $2.3 to $3.5, with the average value at $2.9. Flow price prediction for 2028 indicates that its price will reach as high as $4.17. In 2030, the Flow price will touch above $6.98 in value.
What is Flow?
Flow is a blockchain network designed specifically to make transactions faster and cheaper. Although it was originally designed for gaming purposes, it was later opened up and expanded to support decentralized applications.
Over a short time, Flow has proved itself to be a worthy competitor to Ethereum. Flow was designed keeping in mind the dynamic of the gaming world. The blockchain has the capacity to process millions of transactions and applications on its platform, thus posing a threat to Ethereum.
An interesting factor that helps Flow stand out among its peers is the use of a cryptographic technique called SPoCKS. It stands for Specialised Proofs of Confidential knowledge. The Flow network divides its tasks among several little workers called nodes. The SPoCKs in each of these nodes are unique and cannot be manipulated. This ensures the nodes execute their own task without interfering with others’ assigned work. These reduce the risks of duplication, redundancy, and error.
FLOW’s Network is Dependent on 4 Nodes
- Consensus nodes decide the presence of transactions and how they would follow the flow blockchain.
- Execution nodes are responsible for verifying Flow transactions and running the computations required to complete the verification.
- Verification nodes, as the name suggests these nodes verify the activities of Execution nodes.
- Collection nodes enhance the connectivity of the Flow network and the availability of data across its blockchain.
Critical to Understand Flow’s History
Flow has expanded tremendously since its launch in 2020. Initially, it was launched together with a digital gaming collectibles marketplace with a main focus on basketball cards. It was called Dapper Labs’ NBA Top Shot and was supported by blockchain technology. According to official statistics from Dapper Labs, the Flow blockchain has processed transactions for over $1 billion as of May 2022.
Apart from that, Flow also powers an NFT (Non-Fungi token) offering. It also consists of a native cryptocurrency that trades under the symbol Flow.
Flow Tokens- How they are Earned?
There are many ways in which a Flow token could be earned. The Flow tokens are generally earned by a validator in the blockchain. A validator can receive a newly minted token as a reward- for running a node in Flow’s blockchain network, which is called known as mining. There are various ways for a user to earn tokens too. A user on the network can also earn tokens by creating apps on the Flow blockchain. If a user holds on to Flow tokens, they tend to get holding rewards. Not only that, users can even stake their tokens on the network in line with new Flow tokens.
As per the daily time frame, the price rise and drop showcase a repetition of trends. At the moment, the Flow coin price is trading through a bearish pressure in the cryptocurrency market. Even a slight increase in Flow’s price results in a further decline in its price. This trend is only expected to continue in the next few months.
Taking Flow’s past behavior into consideration, the general consensus is that it is not ideal to invest in Flow at the moment. The price graphs are indicative that the market mood is steeply inclined toward bearish.
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