Flow Blockchain Abandons Rollback Plan After $3.9 Million Exploit
- Security Breach Response: Flow blockchain has scrapped its initial full rollback plan following a $3.9 million exploit, opting for a targeted remediation strategy in response to intense pushback from developers and legal experts, thereby avoiding potentially greater financial damage.
- Technical Implementation Plan: Affected accounts have been temporarily restricted, and EVM operations are currently read-only, with the first phase of the implementation plan aimed at preserving the validity of legitimate transactions, ensuring users do not need to resubmit their activities and maintaining basic trust in the network.
- Market Reaction: The exploit and proposed recovery plan led to a dramatic over 50% drop in the FLOW token's price within a single day, briefly hitting lows around $0.079, reflecting persistent investor concerns about the network's security and governance, even as Bitcoin and Ethereum rebounded during the same period.
- Phased Restart Strategy: Flow plans to gradually restart its non-EVM chain, Cadence, after implementing the remediation plan, with operations between the bridge and exchange expected to resume, and analysts suggest this revised plan may help restore market confidence while avoiding disruptive chain reorganizations.
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Technical Analysis for FLOW
Technical Sentiment Analysis for Flow (FLOW) As of , Flow (FLOW) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for FLOW stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, FLOW is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Flow (FLOW) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00372 | 0.0197 | 0.0349 | 0.0508 | 0.066 | 0.082 | 0.0971 |
| Fibonacci | 0.0197 | 0.0316 | 0.039 | 0.0508 | 0.0627 | 0.0701 | 0.082 |
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