Flow Foundation Investigates Security Incident as FLOW Coin Plummets Over 50%
- Security Incident Investigation: The Flow Foundation announced an investigation into a potential security incident affecting the Flow network, which caused the FLOW coin to plummet over 50% within hours, bottoming out at approximately $0.92 before slightly recovering to $0.1167, indicating high market sensitivity to security issues.
- Attack Pattern Analysis: Blockchain analyst Wazz highlighted that the attacker minted millions of wrapped FLOW (WFLOW) using the TransparentUpgradeableProxy contract from a wallet created about six months ago, estimating losses around $4 million, suggesting a risk of private key compromise rather than a smart contract vulnerability.
- Transaction Suspension Measures: Major South Korean cryptocurrency exchanges Upbit and Bithumb promptly halted deposits and withdrawals of FLOW coin, while the Digital Asset Exchange Alliance (DAXA) issued a transaction risk alert, indicating potential further trading restrictions, which severely undermines market confidence in FLOW coin.
- Increased Market Pressure: As the NFT market cools, the Flow ecosystem continues to face ongoing pressure, with Dapper Labs conducting multiple rounds of layoffs since 2022, highlighting the challenges faced by a company that was once valued at $7.6 billion in 2021.
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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 | 0.00367 | 0.0197 | 0.0348 | 0.0508 | 0.0659 | 0.0819 | 0.0971 |
| Fibonacci | 0.0197 | 0.0316 | 0.0389 | 0.0508 | 0.0627 | 0.0701 | 0.0819 |
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