FLOWUSD Weekly Long
FLOWUSD has been in a massive wedge on its weekly and monthly charts . Considering that this pattern reflects on both the weekly and daily timeframes, a breakout would be significant. With the state of the crypto market I would anticipate FLOWUSD to breakout upward once overhead resistance is finally cracked. In the event of an upward breakout, movement could be anywhere from 150-700%. This, of course, is dependent on BTC. However, I feel that renewed interest into crypto will occur within the coming weeks to months. With this in mind, the NFT space will expand and join in on the bullishness. This renewed NFT bullishness will push cryptos focused on NFTs higher and considering how beat down FLOW has been it will be one of the first to be scooped up. The move upward may take a bit of time, anywhere from a couple weeks to a few months, unless there is a significant catalyst. These catalysts may be a large upward move from BTC, renewed interest in NFTs, or upgrades to FLOW itself. Blue lines indicate potential new channel, red line indicates major overhead resistance, thick red line indicates weekly EMA 20 which also acts as major resistance at 12.30~, and lastly the green line indicates average support at 6.13~. Upper blue line can be used for maximum potential take profit area while lower blue line can potentially be used for stop loss or entry area depending on the moment. Weekly EMA 20 can act as first potential take profit area. This is not financial advice, trade wisely and use your own due diligence.
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If you have any questions feel free to comment. If you like my analysis feel free to follow and like, thanks!
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