Merchants and traders which have FLOW of their portfolio or watchlist might have seen its affinity for the draw back. Curiously, FLOW is among the many blockchains which have remained closely lively even in the course of the bear market.
However are the event milestones weighty sufficient to affect a bullish reduction?
Earlier this week, FLOW highlighted quite a few Australian tasks presently constructing on its blockchain community. Its newest announcement revealed the launch of a brand new digital toys platform known as Cryptoys. The latter will permit customers to personal digital toys which they’ll play with on in-platform video games.
Movement All Stars introduces… @cryptoys⚡️
🧸 They’re reimagining the idea of play
🎮 How @willweinraub‘s daughter impressed Cryptoys
🌊 Why simple onboarding to Web3 issues pic.twitter.com/QlWtGd4qs1— Movement (@flow_blockchain) October 10, 2022
FLOW additionally confirmed the upcoming launch of CHAINZ NBL NFTs. The latter will permit basketball followers to be extra actively concerned with Australia’s fastest-growing basketball league.
One other notable improvement introduced just lately consists of AFL Mint’s Premiership Cup NFT airdrop. These are simply a few of FLOW’s just lately introduced improvement that underscores its gradual however wholesome progress trajectory.
Disrupted stream?
The developments additional strengthen FLOW’s NFT ecosystem whereas boosting its aggressive place within the NFT market. Maybe these developments will increase NFT gross sales on its community.
FLOW’s whole NFT gross sales quantity peaked at $5.66 million on the finish of September. These volumes have since tapered out.
FLOW’s whole NFT commerce quantity stood at $25,768, at press time. This places into perspective simply how a lot NFT trades have taken a success to this point this month. The low NFT buying and selling exercise aligns with FLOW’s (the native cryptocurrency) worth motion.
FLOW has been on an general bearish trajectory since 11 August. This retracement undid many of the beneficial properties that it had achieved between June and August. Its present 2-month low of $1.526 represents a 52% pullback from its August prime.
The altcoin was nonetheless not oversold at its press time worth level regardless of the sizable draw back. It did present some indicators of restoration after reaching the identical backside vary the place it bounced off in direction of the tip of July.
There’s a chance that the identical worth zone represents new short-term assist.
Right here’s AMBCrypto’s worth prediction for FLOW
It added roughly $35 million to its market cap at press time after bouncing off its newest low. Its quantity bottomed out at 15.57 million on Sunday (9 October) and has since elevated to north of 46 million.
The probability of a large mid-week reversal is far larger now on condition that a considerable amount of liquidity is flowing into FLOW.
Buyers ought to nevertheless be aware that it’s nonetheless buying and selling at a slight premium in comparison with its present 2022 backside. Different market forces are nonetheless at play, subsequently some extra draw back remains to be possible.