Flow’s utility-first approach and recent price gains have earned it a spot in the spotlight. Cryptocurrency is positioning itself as a value-oriented option in the market. With technical analysis and fundamental price history, this guide will give you a feel for the Flow price projection and its anticipated growth.
FLOW Tokenomics and Usage
The Flow token, or $FLOW, is the primary cryptocurrency on the Flow network. It is the fuel that powers all transactions and applications on the network to pay transaction fees and network rewards.
Additionally, it is a store of value. Token holders can participate in governing the Flow blockchain through FLIPs (Flow Improvement Processes), where the community can propose and discuss significant changes to the blockchain.
The current staking reward rate is 5%, and there are no plans to burn the Flow token. Flow also offers DeFi applications such as Liquidity Vaults (FLVs), which allow dApps to spin up liquidity pools and $FLOW holders to earn a yield by lending, but with risks.
FLOW Blockchain’s Price Surge
The surge in the FLOW tokens’ price is likely due to the increased demand for Non-Fungible Tokens (NFTs) and the trading volume of FLOW-based NFTs. Additionally, the launch of the Flow Blockchain platform and the launch of the staking program for Apecoin (APE) in November 2022 are likely contributing to the increased demand for FLOW.
FLOW is currently a part of Meta’s (previously Facebook’s) infrastructure for hosting NFTs. Investors are also making haste to cash in on the newfound renown, leading to a price gain of more.
Additionally, Dapper Labs, the company behind NBA Top Shot and CryptoKitties, is sponsoring the FLOW blockchain in addition to having a sizable community of fans. This has further led to the increase in FLOW’s price and its increasing demand.
The Flow mainnet spork is just a few days away and we’re gearing up for unprecedented scaling. We will be laying the foundation down to scale Flow to Petabytes of data, a feat not achieved by any other blockchain ?
— Flow (@flow_blockchain) January 13, 2023
The Flow mainnet is set to launch a major upgrade, known as the “spork,” in the coming days. This update will allow the network to scale to an unprecedented level, handling Petabytes of data.
This upgrade can significantly increase the network’s adoption and usage, with improvements to transactions per second and overall efficiency. This is exciting news for the Flow community and could positively impact the price surge of the FLOW cryptocurrency.
Flow Technical Analysis: The Breakout Validity
At the time of writing, the FLOW price is $1.20, with a 24-hour trading volume of $104,132,300. The FLOW price is up 11.9% in the last 24 hours, and it has a circulating supply of 1 billion FLOW coins and a total supply of 1,410,062,299.22528.
According to the analysis on the daily chart above, FLOW is gradually picking up after the EMA crossover at $0.759. A further bullish confirmation is seen after the price broke above the trendline and retested the same. However, a short retracement to $1.606 will occur after reaching the resistance level at $2.045, forming a double-top pattern. The double-top pattern is an indication that prices will revert downward.
A further surge will occur from the $1.606 support level to the second resistance marked at $2.285.
FLOW Price Prediction
Flow price is gaining tremendous ground after a series of bearish movements since August 2022. Based on our technical analysis above, FLOW might reach the $2.045 price mark by the end of Q1 2023. There is no doubt that the token will gradually rise; however, the projection is a short bullish movement that will land the FLOW price at $1.606 towards the end of the week.
Based on our prediction, the FLOW market will likely be bullish in the long term. Additionally, we expect the maximum price to reach $5.74 and a minimum price prediction of $1.6 by the end of Q1 2024.
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