The post Why FLOW Token Price Is Surging Today appeared first on Coinpedia Fintech News
The Flow blockchain native token FLOW is up nearly 60% today, trading around $0.0655 and becoming one of the top gainers in the crypto market. Meanwhile, trading activity has also increased significantly. FLOW’s 24-hour trading volume jumped more than 640% to about $175.5 million.
Now the question is what’s driving the Flow token price up today?
Flow Foundation Motion Filling Spark Price Rally
One major factor behind the rally is a legal step taken by the Flow Foundation and Dapper Labs. On March 9, both entities filed a motion in a Seoul court seeking to prevent local exchanges, including Upbit, Bithumb, and Coinone, from delisting FLOW on March 16.
Earlier this week, Binance removed the monitoring tag placed on FLOW following a security incident in December. The exchange said the previously identified issues had been resolved.
Other platforms have also taken similar steps. HTX said that Flow services are still active on its platform. Meanwhile, Korbit also cleared the token after finishing its own review.
These updates have helped reduce fears about exchange limits, which had earlier hurt confidence in Flow.
Ecosystem Activity Continues to Expand
Another factor supporting the rally is continued development activity on the Flow network. Major brands, including The Walt Disney Company, National Basketball Association, National Football League, and Ticketmaster, are building projects on the blockchain.
Developer activity across the ecosystem reached record levels in the last quarter, according to updates shared by the project.
Flow Price Prediction
From a technical view, FLOW had been trading inside a prolonged downtrend for several months, forming lower highs and lower lows within a falling channel.
Recently, the price bounced from the lower support zone around $0.04 and moved up toward the upper trendline. This breakout candle with higher volume suggests buyers are starting to step in.
If the breakout holds, the next short-term resistance could be around $0.10. A sustained move above that area may open the path toward $0.15.
However, if the price drops back below $0.05, the breakout may weaken, potentially sending FLOW back toward the $0.038 support zone.
