Merchants and buyers which have FLOW of their portfolio or watchlist might have observed its affinity for the draw back. Apparently, FLOW is among the many blockchains which have remained closely energetic even throughout the bear market.
However are the event milestones weighty sufficient to affect a bullish aid?
Earlier this week, FLOW highlighted quite a few Australian initiatives at the moment constructing on its blockchain community. Its newest announcement revealed the launch of a brand new digital toys platform referred to as Cryptoys. The latter will enable customers to personal digital toys which they will 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 enable 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 development trajectory.
Disrupted move?
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) value motion.
FLOW has been on an general bearish trajectory since 11 August. This retracement undid a lot 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 value 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 the direction of the tip of July.
There’s a risk that the identical value zone represents new short-term help.
Right here’s AMBCrypto’s value 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 greater now on condition that a considerable amount of liquidity is flowing into FLOW.
Traders ought to nonetheless observe 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, due to this fact some extra draw back remains to be possible.