FLOW rockets 42% extending its previous session gains and drew some additional bids around the $2.82 level. FLOW, the Flow network’s native token, was regarded as the best-performing cryptocurrency among the top 30 cryptocurrencies by market cap. The coin has increased in value by 51.68% during the day compared to other significant cryptocurrencies. However, the reason for this could be attributed to the bullish crypto market, which tends to boost all cryptocurrencies. The cryptocurrency market is expected to end the week on a high note, having added more than 1% to its total value in the last 24 hours.
Flow Price Review & Tokenomics
The current FLOW price is $2.82, with a 24-hour trading volume of $1.3 billion. The volume was 51.68% higher than the previous day. Flow is now ranked #28 on the market, with a current market valuation of $2.9 billion. The total supply of FLOW coins is unknown; however, there are currently 1.03 billion coins in circulation.
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Over the last few days, the cryptocurrency market has performed admirably. The total market capitalization is approaching $1.1 trillion, up more than 1% from the previous day. Furthermore, the reason for the coin’s uptick could be linked to the Flow team’s announcement that its partnership with Instagram is now active.
The Bullish Crypto Market
The cryptocurrency market has been flashing green since the day began and may end the week positively due to the latest increase in its total value, which increased by more than 1% from the day before. The cryptocurrency market has maintained its strong performance in recent days. The total market capitalization is now just above $1.1 trillion, up more than 1% in the last 24 hours. This is evident after the price of the world’s largest cryptocurrency, Bitcoin, increased by 1% today and is now back above $23,000.
As the weekend approaches, the price of Ether has risen above $1,600. Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, managed to rise above $23,000 early on Saturday; meanwhile, Ethereum (ETH), the second-most valuable cryptocurrency, has maintained stability and is expected to surpass $1,700 later today. As a result, the value of most digital assets, including the Flow (FLOW) coin, has risen dramatically. FLOW, the native token of the Flow network, was regarded as one of the top 30 cryptocurrencies in terms of market capitalization.
Partnership with Instagaram
The upward rally in the Flow coin was further boosted after the Flow team announced its partnership with Instagram. The Flow team said in a tweet on Thursday that certain users may now link their Dapper wallet and display their favorite NFTs right on their Instagram account. In addition, parent company Meta announced that Instagram is expanding its NFT project to more than 100 countries and introducing support for NFTs made on the Flow blockchain.
As a result, the FLOW token is now rising. According to data from CoinGecko, the price of FLOW has increased by about 51.68 percent today, and almost all of that rise happened after Meta’s announcement this morning.
FLOW Rockets 42% – Quick Technical Outlook
After falling from an all-time high of $3.78, the FLOW/USD pair is trading sideways. The coin is currently trading choppy, with a narrow range of $2.55 to $2.80. As seen on the hourly chart, FLOW has already completed a 61.8 percent Fibonacci retracement at the $2.50 level, which is now acting as support.
FLOW Price Chart – Source: Tradingview
A break below this level may expose FLOW to the $2.40 or $2.26 support level. In contrast, a bullish breakout of $2.80 could propel the FLOW/USD pair to $3.05 or $3.35. Good luck!
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