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Uptrend Broken, What is Next For FLOW Bulls?

2 Mins read

Flow is a platform built on top of blockchain technology. It is a decentralized ecosystem that provides scaling solutions for interactive experiences, blockchain-based games, and decentralized application projects. Flow coin was in the headlines after its bullish rally from last year. However, currently, the coin has broken the previous uptrend.

Why Flow?

The primary objective of the Flow network is to offer a scalable environment for fast transactions without congestion. This environment is created for non-fungible tokens, decentralized apps, and games. 

NFTs can be created and traded on Flow, just like other cryptocurrencies. However, NFTs are unique and valuable, making them collectibles. One of Flow’s projects was NBA Top Shot, which was leveraging the booming NFT market. 

Flow offers upgradable smart contracts that can be easily patched to fix any bugs. The network achieves finality in seconds and provides a simple way for building dApps and creating NFTs using a programming language called Cadence.

Flow addresses scalability issues seen on the Ethereum platform by using the Proof of Stake protocol instead of employing sharding. This protocol allows for efficient network operation and minimizes congestion on the network for dApps and blockchain games like CryptoKitties.

Flow uses the Proof of Stake protocol to achieve scalability by distributing work across the nodes that support the system. Each node is assigned different tasks based on its technical capabilities. Flow separates non-deterministic processes, such as forming transactions into a block, from deterministic ones, like executing that block of transactions, to increase blockchain throughput.

Flow uses a multi-role, multi-node architecture to reduce redundant effort. The network breaks down the validation process into four roles: Collection Nodes, Consensus Nodes, Execution Nodes, and Verification Nodes. 

This approach makes scaling the entire network possible efficiently and cost-effectively. The nodes split tasks and participate in validating every transaction on the network.

Collection Nodes ensure the network’s connectivity is for dApps and support data availability for applications hosted on the Flow network. 

Consensus Nodes decide in which order transactions should be validated, while Execution Nodes supply computational power for executing transactions. Verification Nodes double-check information submitted by Execution Nodes before validating transactions, completing the process of validation.

 FLOW Token Technical Analysis & Price Prediction

FLOW Price Analysis: Uptrend Broken, What is Next For FLOW Bulls?
FLOW/USDT chart by TradingView (Daily time frame)

At press time, the FLOW coin is trading at the level of $0.747.after being rejected at the level of $1.034 during the previous year’s end. The support levels for the FLOW price are $0.701 and $0.534. 

Moreover, the bulls may face rejection at the level of $0.850 and $1.068. The price prediction overall could be bullish if the bulls can bounce back from the immediate support level.

Conclusion

Flow is a blockchain-based platform that aims to provide scaling solutions for interactive experiences, decentralized applications, and blockchain-based games. It uses Proof of Stake protocol to distribute work across nodes and achieve scalability. The platform separates deterministic and non-deterministic processes to increase blockchain throughout.

Technical Levels

  • Support Levels: $0.4439 and $0.3648
  • Resistance Levels: $0.5936 and $7058

Source

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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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