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The world is quickly embracing decentralization because of blockchain know-how. Consequently, many crypto initiatives have demonstrated their dedication to a DeFi future.
The Movement blockchain is the newest community to toe the road by way of its new Decentralized autonomous group (DAO) infrastructure known as CAST.
We’re right here to make DAOs mainstream. Right now, we’re launching the general public beta of CAST, a voting device for token communities on the @flow_blockchain. Make Selections, Collectively.
Right here’s what it is advisable to find out about [our first tool] CAST (a thread) 🧵
— Dapper Collectives (@_Collectives_) July 27, 2022
CAST’s position as a neighborhood governance device could pave the way in which for extra initiatives inside the Movement community. Such an end result has the potential to considerably increase the demand for the FLOW cryptocurrency.
Deep water on the horizon?
FLOW’s price ticket clocked at $1.78 on 28 July after a 9.6% rally within the final 24 hours. The rally additionally aligned with the CAST announcement, which suggests it could have supported optimistic investor sentiment.
Nonetheless, it stays to be seen whether or not the value will proceed to help extra upside.
Supply: TradingView
Regardless of the slight uncertainty about FLOW’s capability to increase its bullish efficiency, the restoration above the 50-day transferring common is a wholesome signal.
It signifies that the cryptocurrency remains to be experiencing sturdy demand close to the identical indicator. It kicked off on a bearish word this week, which noticed the bears push barely under the 50% RSI degree earlier than bouncing again.
FLOW’s subsequent main value goal is the $2 value degree. It crossed above this degree earlier this month courtesy of its mid-month rally which pushed it as excessive as $2.11.
It was adopted by a pullback, as a consequence of revenue taking and this was sure to occur after a powerful uptick in its quantity and market cap. The latter peaked at $2.16 billion and the pullback despatched it down so far as $1.6 billion.
Supply: Santiment
FLOW’s market cap has to this point recovered above $1.8 billion and it additionally registered a slight quantity enhance within the final two days.
This may be an indication that buyers are shopping for again at decrease costs. This usually occurs when buyers anticipate extra upside. Nonetheless, this doesn’t essentially assure that the value will proceed extending its upside.
The decrease quantity means that the present upside doesn’t have as a lot momentum as its mid-week rally. Extra value weak point may be on the way in which if FLOW fails to safe sufficient shopping for stress to beat resistance at its present degree.
Regardless that deep water usually flows gradual, it has a number of potential vitality when channeled the suitable means and that is the case with FLOW.
