High volume of transactions

4 de jan. de 2023

FLOW has continued its downtrend to the $0.65 range over the past few weeks, and a strong positive reaction has been generated in this area by re-hitting the midline of the descending channel. Due to the lack of price history in the current ranges, we can only use the Fibonacci tool to determine the resistance support levels. Therefore, the first resistance range in case of more support for this currency can be in the area of 0.94 to 1 dollar. Because this range overlaps with the ceiling of the descending channel, it is a suitable place for supply and demand. If the market conditions remain favorable, the price can take a period below this range resistance. The closest support to the current price is in the $0.70 range, where we can expect a positive reaction. Another point is that a high volume of transactions is recorded at the bottom of the price, which is a good sign of buying this currency. Therefore, if the price returns to the previous bottom range, i.e., the $0.65 range, we can consider a high probability of forming the double bottom pattern.