Here is why FLOW is up by nearly 40% in the last 24 hours

The cryptocurrency market could end the week in a positive fashion after adding more than 1% to its total value in the last 24 hours.

 

The cryptocurrency market has maintained its positive performance over the past few days. The total market cap is closing in on $1.1 trillion after adding more than 1% to its value in the last 24 hours. 

Bitcoin is trading above $23k once again after adding 1% to its value so far today. Ether continues to maintain its price above the $1,600 psychological level heading into the weekend.

FLOW, the native token of the Flow blockchain, is the best performer amongst the top 30 cryptocurrencies by market cap. FLOW has added 39% to its value in the last 24 hours, outperforming the other major cryptocurrencies.

The primary catalyst behind this rally is the announcement by the Flow team that its partnership with Instagram is now active. 

In a tweet on Thursday, the Flow team said select users can now connect their Dapper wallet and showcase their favourite NFTs directly on their Instagram account.

Key levels to watch

The FLOW/USD 4-hour chart is extremely bullish as Flow has been performing excellently over the last 24 hours. The technical indicators show that FLOW is outperforming the broader cryptocurrency market.

The MACD line is deep within the positive zone, indicating bullish momentum. The 14-day relative strength index of 68 shows that FLOW is heading towards the overbought region if the positive momentum can be maintained.

At press time, FLOW is trading at $2.64. If the bulls remain in charge, FLOW could surge past the $3.05 resistance level before the end of the day. However, it would need the support of the broader market to cross the $4 mark for the first time in nearly six months. 

All Dutch and English crypto news!

Fake employees and social attacks: Crypto recruiting is a minefield

Hiring in the crypto world can be difficult. Web3 companies are often disorganized and lack HR departments. Developers sometimes want to remain anonymous - even...

Gnosis (GNO) the only coin that is up today: here’s why

The crypto market has taken a significant dive today with all cryptocurrencies including the likes of Bitcoin and Ethereum dropping by about 9% at the...

Huobi explains what went wrong with HUSD after stablecoin is back on track

After recovering the HUSD stablecoin's dollar peg, crypto exchange Huobi explained what caused the short-term liquidity problem and assured users that it has been resolved.  On...

Biden is hiring 87,000 new IRS agents — and they’re coming for you

The Inflation Reduction Act, signed into law this month by President Joe Biden, empowers the IRS with nearly $80 billion in new funds. The world's...

Beste exchanges

Koop je crypto bij Bitvavo