The last two days have been bullish for Flow Network [FLOW] after succeeding in the battle against delisting by major crypto exchanges. The altcoin has been bearish since the hack incident that happened on the 30th of December.
The network lost about $3.9 million, according to an earlier analysis by the AMBCrypto team.
However, the two-day rally may be short-lived if it turns out to be a result of hype upon relisting. But can FLOW continue surging after the clarification?
Flow Network rebounds after re-listing on major exchanges
As per CoinGecko, FLOW rose 38% immediately after the news that Binance, Korbit, and HTX, among other exchanges, restored trading for these pairs.
Moreover, the Flow Foundation filed to block its delisting on three South Korean exchanges. The South Korean market was the largest in Asia, and its trading activities significantly influenced the liquidity of FLOW pairs, as it accounted for the highest retail volume.
This clarification led to the altcoin trend rising for the second consecutive day by double digits. FLOW recorded a 14% increase in the past 24 hours as a continuation.
If the motion to stop delisting on South Korean exchanges fails, the likelihood of FLOW crypto’s demise could increase significantly. Most tokens that are hit by this end up dying, but the Flow Foundation seemed to be working on this likelihood.
Can FLOW price reclaim lost support?
Meanwhile, the price action of the altcoin was down by 99% from its all-time high (ATH). This was in line with a recent analysis that indicated that most altcoins were trading around their all-time lows (ATL).
FLOW is now trading below a multi-year support level at $0.31 that has been in place since December 2022, as seen on the weekly chart.
Bulls are starting to return to action after relisting news, and the MACD has just flipped green, accompanied by a crossover. The Money Flow Index (MFI) is also bouncing from the oversold territory.
On a much smaller timeframe, like the 4-hour chart, the FLOW price rallied strongly by about 121% in the past four days alone.
The MACD indicated short-term strength, potentially leading to a reclaim of the lost support at $0.31. Here, bulls had hit the overbought zone, with the MFI indicator extending its stay around this level.
However, prices were starting to trade back toward the range’s high at $0.054.
Network activity jumps 11%
Meanwhile, the network activity represented by the number of transactions jumped by 11% in the past 24 hours.
According to Flowscan, the number of completed transactions was approximately 188,287, and the number of newly created accounts increased by 8.29% to 1,751.
While a reclaim of $0.31 support seemed to be far off, the improving network activity, relisting, and shift in short-term outlook could salvage FLOW’s situation.
Final Summary
- FLOW rallies for two consecutive days amid exchange relisting.
- FLOW price trading back toward $0.054 could delay a potential reclaim of $0.31.
Lennox Gitonga
Content WriterLennox Gitonga is a Financial Market and On-Chain Analyst at AMBCrypto with a Bachelor of Commerce in Finance. As a former equities trader, he applies traditional market rigor to crypto, delivering clear technical and on-chain analysis that explains price action, liquidity, and network behavior driving digital asset trends.
