Flow Price Down By 1.28% – Time To Buy FLOW?
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The cryptocurrency market generally appears to have mellowed down a little over the past few days. Flow (FLOW) is one of the assets that are trading lower today. Investors may want to take this price as the asset’s ‘calm before the storm’ and buy FLOW.
The FLOW token is poised for growth due to the massive adoption and the recent boom of non-fungible tokens (NFTs). This article seeks to explore the Flow blockchain and determine if this is the right time to buy FLOW.
Flow: An NFT Focused Blockchain
Developed in 2018 by Dapper Labs, the company behind CryptoKitties, the Flow blockchain has become more relevant since NFTs gained wide adoption.
DapperLabs is led by founders Roham Gharegozlou, Dieter Shirley, and Mikhael Naayem. Dapper Labs is also the company behind the ultra-successful NFT platform NBA Top Shot.
The team developed Flow to specifically address scalability issues right after the success of CryptoKitties of 2017.
The Flow blockchain enables developers to build new, unique, and massive crypto-focused businesses and decentralized applications (dapps).
It is a fast, decentralized, and developer-friendly blockchain, designed as a foundation for the new generation of apps, games and the digital assets that fuels them.
The FLOW token is the native asset of the Flow network. It fuels the network and all the applications built on it. The token is used by developers, validators, and users to participate in the Flow blockchain and earn rewards. It is also used to pay fees and to participate in future protocol governance.
Flow uses a multi-node or four-node architecture that enables it to be faster and more scalable without using layer two solutions like the Ethereum network. The nodes are called the Collector Nodes, Execution Nodes, Verifier Nodes, and the Consensus Nodes.
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FLOW On A Bullish Run
FLOW is currently trading at $17.54 and is down by 1.28% on the daily trading chart. The asset is ranked at 92nd position on the most valuable crypto chart and has a market cap worth over $600 million.
FLOW hit an all-time high (ATH) of $39.21 in April this year. However, a month after the crypto market crash, the asset shed more than half its value.
At the end of May, FLOW was trading at $12.93. It dipped even more and was trading at $6.67 on June 22. However, the ERC-20 token appears to be on a rebound, and this might be a great time to buy FLOW.
FLOW Technical And Fundamental Analysis
The FLOW coin is bullish on the trading charts despite its drop in price in the last 24 hours.
The crypto asset is trading above the 20-day moving average (MA) support price of $17.32. Its relative strength index (RSI) is at 61.81, meaning it is trading dangerously close to the overbought level.
Market experts are also bullish on the digital token. FLOW is expected to break through the $27.52 mark by the end of the year, per Digitalcoin. Its seven-year forecast puts FLOW at $82.8.
The Flow ecosystem has seen a couple of developments over the last few weeks. The Flow blockchain announced the launch of its native fiat-backed stablecoin. The Flow stablecoin called FUSD is done in partnership with financial infrastructure provider Prime Trust.
It was also revealed that USD coin (USDC) is coming to the Flow network. Other networks the Coin would go live on include Avalanche, Celo, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.
Flow is also continuing to innovate in the NFT space. It recently powered CNN’s genesis NFT named “Vault by CNN.” The NFT collection was minted on the Flow blockchain and featured moments from the cable news network’s 41-year history.
Flow is also set to host Rarible’s new NFT marketplace. Rarible recently raised fresh capital of $14.2M to launch on Flow alongside hiring new employees.
Institutional investors also see potential in the Flow network. Regulated digital bank Anchorage Digital added custody and staking support for FLOW towards the end of June due to significant demand from institutional clients.
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