From a technical analysis perspective, FLOW is a better bet short term
Key points:
The overall cryptocurrency market is bearish, but in the short term, some coins have good prospects.
FLOW is one of the cryptocurrencies that currently have strong buying volumes and are promising in the short term.
Cardano is bearish short-term but has the fundamentals to gain long-term value.
The cryptocurrency market is bearish at the moment, so everything is in the red. While buying any top crypto today has significant odds of long growth term, it’s not the case in the short term.
More short term, some cryptos can do better than others depending on money flow and short-term news. Technical analysis is one way to tell which crypto can do better than the rest short term.
In this context, between Cardano and Flow, Flow is a much better trade in the short term.
Flow (FLOW) Chart analysis
In the past 72 hours, Flow FLOW/USD buying volumes have risen. On 26th June 2022, FLOW dropped slightly before making a double bottom and rallying again. This indicates that bullish momentum is on the rise, and it could keep rallying going into the future. If FLOW can push through resistance at $1.75, it could easily test $2 or more in the short to medium term.
Source – TradingView
Cardano (ADA) price analysis
Cardano ADA/USD has been bearish for more than 72 hours. In the last 24 hours alone, Cardano has been making lower lows, an indicator that sellers have crashed every attempt by bulls to retake the market.
When writing this article, Cardano bulls attempted to retake control, but volumes were low. If bulls can push Cardano through the day’s high of $0.489, it could break out of the current bearish trend in the short term.
Source – TradingView
However, with buying volumes low and the broader market overall bearish, the odds seem low for Cardano to pull off such a move in the very short term. Besides, no major news is coming up anytime in the next couple of weeks.
Conclusion
FLOW holds much more promise in the short term than Cardano. The charts show strong buying momentum, while Cardano is stuck in a bear trend with low buying volumes.
That said, the two cryptocurrencies have a lot of promise in the long run – the fundamentals are in their favor. Cardano is one of the most promising platform blockchains in the market today, thanks to its mix of security, decentralization, and scalability. The recent launch of Cardano smart contracts has added to its intrinsic value, and as adoption grows, Cardano’s price is likely to go up as well.
On its part, FLOW is one of the fastest-growing smart contracts cryptocurrencies in the market today. Today, FLOW has a wide ecosystem of Web 3.0 projects building on top of it, and the numbers will only rise over time. The same will reflect in the price of FLOW over the years.
The post Is Flow a better buy than Cardano today? appeared first on CoinJournal.
