Flow Coin Down By 7% – Time To Buy FLOW?

Flow’s unique position in the non-fungible token (NFT) space should be a reason why you should buy FLOW.

Developed by Dapper Labs of CryptoKitties fame, Flow blockchain has become synonymous with the NFT movement since the beginning of 2021. The blockchain enables developers to build new, unique, and massive crypto-focused businesses and decentralized applications (DApps).

With the Flow platform seeing massive adoption with the boom of NFTs, the FLOW token has seen its relevance grow by the day.
This article will explore what the Flow blockchain is all about and when it’s suitable to buy FLOW.

Flow: NFTs Specific Blockchain

The origin of the Flow blockchain can be linked to the success of the CryptoKitties of 2017. The digital creations which displayed non-fungible images and clips of kitties became so popular that the Ethereum network suffered incessant network congestion.

This particular reason led to the birth of the Flow blockchain in 2019.

According to the development team, Flow blockchain is developer-friendly, making it easy for anyone to create DApps, games, digital assets, and NFTs.

Aside from this, Flow blockchain is also focused on served several millions of customers and uses payment onramps that allow the smooth transition of fiat to crypto.

To do this, Flow uses a unique four-node architecture that enables it to be faster and more scalable without resorting to sharding or using layer two solutions like the Ethereum network. The first is the Collector Nodes which increases efficiency. The second is the

Execution Nodes focused on speed and scalability. The third is the Verifier Node which ensures that the uploaded transactions are correct, while the fourth is the Consensus Node which provides that the blockchain is decentralized.

This makes it cost-efficient as users can easily mint NFTs and pay a fraction of the cost.

Dapper Labs says that the architecture is important given that all four nodes participate in the verification of each transaction entered into the Flow blockchain. This makes it easy for Flow to sidestep the necessity of sharding as the computational resources are spread across the nodes.

Flow also says that the blockchain is ACID (atomic, consistent, isolated, and durable) compliant and allows developers to build on one another’s work.

The Flow blockchain is just one of Dapper Labs’ success stories. Another major hit is the NBA Top Shot which is become a fan favorite since the beginning of the year.

The partnership with the National Basketball Association to digitally encrypt in-game video moments has grossed over $500 million in 2021 alone.

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FLOW: Showing Strength In A Bear Market

FLOW currently ranks in the 92nd position with a market cap worth over $600 million. Seeing a surge in daily trading volume by 72.72%, this might be a great time to buy FLOW for a bargain.

With a current price peg of $14.77, FLOW is down by 7.13% on the daily trading chart. But this is not a major slump as FLOW is seeing a significant increase in its trading volume.

Meanwhile, FLOW has had the best of both bear and bull markets this year. During the March crypto boom, FLOW rose to an all-time high (ATH) of $39.05 before the market correction. April boom also availed it of an opportunity to establish itself as FLOW traded close to its record figure at $38.59.

However, the May crypto crash seemed to launch a killer punch, with the digital token shedding off 50% of its value and trading at a six-month low of $6.67 on June 22.

Meanwhile, the ERC-20 token is up 50% from its low of $6.67, and this is promising if you intend to buy FLOW.

FLOW Technical And Fundamental Analysis

Despite its seemingly negative valuation, FLOW is on a bullish run. The digital asset is trading above the 20-day moving average (MA) support at $9.5937. Its relative strength index (RSI) is currently at 62.43, meaning it is trading just below the overbought level.

Market analysts also see the potential of the token. According to Digitalcoin, FLOW is expected to trade at $22.47 by the end of the year. A seven-year forecast puts it at $67.6 by 2028.

The Flow blockchain is also rolling out its native fiat-backed stablecoin. Called FUSD, the Flow stablecoin was done in collaboration with financial infrastructure provider Prime Trust.

Institutional investors also see potential in the blockchain network. Anchorage Digital stated its intentions to provide custody and staking support for FLOW. The crypto bank’s decision is driven by massive demand by institutional clients who want exposure to the digital token.

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