The previous seven days saw FLOW retesting the support around the value area of $1.42. Fast forward, the alternative token enjoys a nearly 20% surge, following a bullish pivot. FLOW recorded a 23% surge since bottoming last Friday – October 21.
Meanwhile, the alt noted a slight retrace from the $1.76 weekly high to press time levels of $1.675. Nevertheless, this performance triggered massive excitement in the marketplace as the asset presented relative dormancy before a bearish slippage.
Though the excitement, the latest respite by FLOW only accounts for a minor part of the price revival. Remember, the alternative token has surrendered 56% from its August high.
Still, FLOW boasts massive recovery potential before reclaiming its August peaks. Nevertheless, the recent upswing isn’t a guarantee that FLOW bears have completed feasting. While many anticipate stretched upside, there’s a significant chance of a pivot in the bears’ favor.
FLOW’s recent surge saw the alt intermingling with the 50-day MA. This case often materializes as a reversal signal. Thus, the alternative token might resort to declines as the weekend nears. Nevertheless, FLOW can record uptrends if market cues favor bulls.
Also, FLOW might resist declines if its secured massive organic demand – like from the NFT space. The FLOW blockchain recorded an impressive surge in NFT activity over the past two weeks. Meanwhile, the NFT trades count and volume metrics highlighted some uptrends in October’s second half.
The recent NFT volume hasn’t been massive enough to welcome enormous demand or support heightened bullish sentiments. About non-fungible tokens, the FLOW blockchain declared the launch of Flowverse, a new NFT gallery.
That will enable NFT holders to evaluate their NFTs in one UI. Recently, the platform revealed that developers were working on NFT tweet files. That might open the gate for more NFT use cases on Twitter.
Considering the current market sentiment, FLOW saw a minor improvement in investor confidence this week. It saw similar scenarios in demand within the derivatives marketplace.
However, the confidence boost and asset’s increased demand came from the enhancement in overall market conditions. That confirms that organic demand may not rescue the crypto, and market situations have maintained an uncertain state.