Since the beginning of the week, the crypto market has been falling. In the last 24 hours, the market has lost almost 7% of its value. And the entire cryptocurrency market cap is now above $1.3 trillion.
One of the worst performers in the top 10 is FLOW, which has lost 5.6% in the last 24 hours. This comes despite the launch of a $725 million ecosystem fund. FLOW’s price is currently trading at $33.51, and the token has a market cap of $13.4 billion.
Over the past several hours, the market has tumbled more than $100 billion owing to LUNA’s poor performance. FLOW’s price is down 5% in the last 24 hours. But the token has managed to hold its position as the sixth-largest cryptocurrency by market cap.
Bitcoin dips by more than 4% in the past 24 hours and has struggled to maintain its price above $30,000. Ether also tumbles to below $2,300 in the last few hours after losing around 3.5% of its value during that period.
The price of FLOW, the ecosystem’s native token, has dropped by more than 5% in recent hours. Even though the Flow team announces the launch of its $725 million ecosystem fund, the token’s performance has been poor.
On Monday, Flow announces that the Ecosystem Fund will finance existing and future developers’ work on the blockchain. The team will provide funding, FLOW token grants, and in-kind assistance to the coders.
Critical levels to watch
The FLOW/USD 4-hour chart is bearish in the last several hours, as the market continues to nosedive. Despite the good news, FLOW could see further losses in the approaching hours.
FLOW is currently trading at $26.93 and is down more than 5% in the past 24 hours. The token has a market capitalization of $4 billion, making it the 44th largest cryptocurrency.
As the bearish attitude in the market grows stronger, the MACD indicator liine has advanced into the neutral area. FLOW is currently oversold, according to the 14-day relative strength index of 33.
FLOW could see some support at $26.20 and $25.60, while resistance levels are likely to be found at $28.10 and $29. FLOW dips by 5% despite a $725M ecosystem fund.
The coin is presently valued at $3.49 per coin, having lost more than 90% of its value since December 31, 2018. If the bearish trend persists, FLOW may fall beneath the first major support level at $3.10 before the end of the day.
FLOW is currently in a descending channel and the bears appear to be in control of the market. FLOW could drop below $3 if the bears maintain their momentum.
The FLOW ecosystem fund was created to support developers building on FLOW and to help grow the FLOW ecosystem. The fund has a total value of $725 million.
Despite the drop in FLOW’s price, the team’s decision to launch an ecosystem fund is a step in the right direction.
Given the present market scenario, do you think FLOW has any chance of rebounding? It will be nice to know what you think.