FLOW rides on a strong bullish wave as the alt attempts recovery to May support levels

ambcrypto.com:

With the crypto bulls back in swing, gains can be seen across the crypto spectrum, including those native to NFT-focused networks. FLOW happens to be in this category and a look at its price action has so far bounced back 65% from the bottom of its latest bearish cycle.

Despite its latest upside, FLOW still came short of its May support level near the $2.31 price range. Its mid-week pullback highlighted the likelihood of the trend losing momentum in favor of a correction. However, it managed to bounce back and the bulls are back in control. FLOW traded at $1.88 at the time of writing. However, can the alt secure enough bullish pressure to reach the previous support?

Source: TradingView

FLOW’s Money Flow Indicator (MFI) confirms that the cryptocurrency was heavily overbought since mid-June. Additionally, the Relative Strength Index (RSI) was in an upward trajectory and stood at 59.18 at the time of writing. However, it is not yet overbought, hence there is still room for some more upside before investor sentiment switches in favor of the bears.

FLOW’s ability to hold on to recent gains might be rooted in a recent announcement about its Teleport bridge. The announcement revealed that Ethereum users can transfer USDC to the Flow blockchain. The implication of the announcement is that it can potentially unlock the flow of a large number of funds from Ethereum. Especially from investors interested in purchasing NFTs within the FLOW ecosystem.

Venture over from $ETH and explore the gas-free Flow Blockchain ecosystemhttps://t.co/Mj2Y1qhJs6 pic.twitter.com/m8S4DmvQZJ

— Flowverse