FLOW continues upside momentum, NEAR breaks above $5.0 and THETA above $1.50

FLOW, the native token powering the Flow blockchain, is up almost 50% since the close on Wednesday. The cryptocurrency has been boosted by news that Meta Platforms will use the Flow blockchain to expand its non-fungible token (NFT) offering.

Meta this week announced an international expansion of its digital collectibles capabilities, which it successfully piloted on Instagram back in May. Meta will now support the Dapper wallet, whose creator Dapper Labs also created the Flow blockchain, as well as the Coinbase wallet.

After rallying almost as high as $3.0 on Friday, FLOW/USD fell back to trading just above $2.70 on profit taking. The $3.0 area appeared to be a resistance area in the second half of May.

Additionally, profit-taking could see the cryptocurrency slide down to its 100-day moving average of around $2.35, which is close to support in the form of May lows in the $2.20-$30 range and then from Late July highs at $2.15 range.

FLOW/USD chart.

If the cryptocurrency can regain some bullish momentum in the short-term and scale above $3.0, the door would be open for a quick rally above $4.0 per token and towards support in the $4.30 area, which also coincides with the 200DMA at 4 $.27 coincides.

NEAR protocol (NEAR)

NEAR, the native token powering the NEAR protocol blockchain, was propelled higher on Friday by technical momentum following a bullish breakout from the ascending triangle. The cryptocurrency has been in an uptrend since mid-July but struggled to clear the resistance at the $4.70 area.

However, amid a daily jump of more than 15% this Friday, it has now broken above that resistance area and is trading at $5.10 per token and is eyeing a test of its 100DMA at $5.35. According to CoinMarketCap, NEAR is up 15% in the last 24 hours, making it the best-performing cryptocurrency in the top 50 by market cap.

NEAR/USD chart.

The NEAR protocol already opened the door for alternative wallet providers at the end of July.

Theta Network (THETA)

THETA, the native token powering Theta Network’s blockchain, broke out to its highest level since mid-May on Friday after surging above $1.50 per token. THETA/USD last traded just below $1.60 with gains of about 12% on the day, although it is admittedly down about 4.0% from previous session highs in the $1.65 area.

THETA’s recent rally has seen it leave its 100DMA in the dust at $1.39. As the cryptocurrency has now broken out of its range since mid-May, the door may be open for an uptrend towards the next key resistance area around $2.30, where the 200DMA also resides.

Leave a Comment