Flow/XBT - Sleep before the next pump
We've seen a series of rises and consolidation before the next rise and looks like this will continue.
I've drawn a simple trendline showing overall we are moving up.
Bollinger bands are narrowing suggesting volatility is on the way again. The price is resting on the mid-line, which looks bullish to me as showing it's ready to attack and break out of the upper band.
Looking at volume, there's clearly strong buying with each pump and much less sell volume on the retracement (I had a quick look at the OBV and this shows it quite cleanly as the overall trend is up).
RSI showed clearly that above 0.0008, it was running too hot and the 0.00055 area was testing the lows. Looking at the RSI, it's keen to go above 70 and always bottoms above 30 so looks like a strong bull run here for the foreseeable.
We've seen Flow rise early on and with other projects then being seen as "the next Flow". Now, it'll be Flow being touted as the "next ENJ".
Fundamentally, NBA TopShot has growing pains but once they're sorted, sales should increase again and they'll dominate the NFT charts (see dappradar for sales/users etc). UFC looks like end of the year and a time lag for new projects to come online but Viv3 may well have more NFT drops and we may see an OpenSea integration as well.
In the short-term, further listings will be a catalyst for further growth (namely Coinbase and Binance) as many alt-hunters/noobs occupy those platforms. Some clarity on when US/China users can invest would be huge too given both markets are basketball mad and would also buy into the underlying blockchain token. Given the generous staking rewards, there may well be a liquidity crisis that could push the price higher if there are delays in unstaking tokens etc.
In terms of unknown pumpamentals, partnership announcements could come out of the blue and any major IP brands would excite speculators.
I've drawn a simple trendline showing overall we are moving up.
Bollinger bands are narrowing suggesting volatility is on the way again. The price is resting on the mid-line, which looks bullish to me as showing it's ready to attack and break out of the upper band.
Looking at volume, there's clearly strong buying with each pump and much less sell volume on the retracement (I had a quick look at the OBV and this shows it quite cleanly as the overall trend is up).
RSI showed clearly that above 0.0008, it was running too hot and the 0.00055 area was testing the lows. Looking at the RSI, it's keen to go above 70 and always bottoms above 30 so looks like a strong bull run here for the foreseeable.
We've seen Flow rise early on and with other projects then being seen as "the next Flow". Now, it'll be Flow being touted as the "next ENJ".
Fundamentally, NBA TopShot has growing pains but once they're sorted, sales should increase again and they'll dominate the NFT charts (see dappradar for sales/users etc). UFC looks like end of the year and a time lag for new projects to come online but Viv3 may well have more NFT drops and we may see an OpenSea integration as well.
In the short-term, further listings will be a catalyst for further growth (namely Coinbase and Binance) as many alt-hunters/noobs occupy those platforms. Some clarity on when US/China users can invest would be huge too given both markets are basketball mad and would also buy into the underlying blockchain token. Given the generous staking rewards, there may well be a liquidity crisis that could push the price higher if there are delays in unstaking tokens etc.
In terms of unknown pumpamentals, partnership announcements could come out of the blue and any major IP brands would excite speculators.
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