Flow (FLOW) Crypto Price Prediction: Will the Upgrade Set FLOW up for a Rise?

The FLOW crypto has a relatively strong correlation to BTC. It generally tends to move with the change in sentiment on BTC's price.

The Flow (FLOW) cryptocurrency is closely correlated to Bitcoin (BTC) and tends to follow its price movements. In the third quarter of 2024, FLOW has been struggling beneath the $0.732 level amid BTC's difficulty breaking past the $66000 mark.

However, BTC's intraday surge of 2.07% has lifted sentiment, leading to a positive effect on the top 100 cryptocurrencies. A trend analysis platform indicates that FLOW has also resonated with BTC's intraday sentiment.

In the last 24 hours, FLOW has soared by 9.8% and was trading at $0.5822 at the time of writing.

The global cryptocurrency market capitalization has shown an intraday increase of 2.28% to $2.07 Trillion. At the same time, the market volume has risen by 0.67% to $55.95 Billion.

no FLOW's intraday ascent has breached the 20-day and 50-day EMA bands simultaneously. This brings the 200-day EMA band and the quarter's strong resistance at $0.700 into close proximity.

If bullish interest in BTC continues, FLOW may achieve its target. The positive sentiment and the upcoming Crescendo network upgrade could be the catalyst that FLOW needs to break out of its third-quarter 2024 consolidation.

The next upgrade is set to go live on the Flow mainnet on September 4th, 2024, aiming to integrate the Flow application, making it fully interoperable within the web3 ecosystem.

The price has been stuck below $0.70 for nearly two-and-a-half months, and this upgrade could be the spark that helps Flow's price break through barriers and continue its ascent.

According to the upgrade details, besides the significant enhancements in security and performance, there are more highlights to the upgrade.

First, they've worked on reducing the barriers for new developers to join the network, and second, they've unlocked smart contracts that will become fully immutable going forward. Third, Flow has been empowering web3 developers seamlessly.

As per its official website, its blockchain stats show that they've achieved over 600 Million transactions.

The FLOW developers have grown to over 11000, with over 450 apps built, showcasing the seamless development and utilization of its ecosystem by developers.

Hence, the upcoming upgrade could amplify the sentiment and propel these numbers further in the future.

Flow has notably collaborated with brands like Samsung, Disney, and more, which has integrated its standing within the crypto space and solidified its founders' connections.

As a result, it commands the 68th position in market capitalization according to CoinMarketCap. Its market cap stands tall at $900.18 Million.

Over the daily time frame, the FLOW technicals have displayed an impressive surge of over 300% from the last quarter of 2023 to the first quarter of 2024.

Despite the remarkable gains, the price faced a rise in sell-offs by profit bookers, pushing FLOW back to the initial demand zone.

The price encountered a demand zone rebound, but dynamic resistance and sustained bearish pressure posed challenges.

All eyes are now on this upgrade. If it bodes well for the price action, $0.700 and $0.800 could be potential targets.

On the other hand, if the breakout fails, Flow could face another deflection southward. The bears may then attempt to drive it back to $0.500 or lower.

However, if it manages to push further south, it could continue its sideways movement and invalidate the bullish thesis.