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FLOW is down 5% despite $725M ecosystem fund

 


The cryptocurrency market continued its poor start to the week, losing more than 6% of its value in the last 24 hours.


The crypto market has been performing poorly since the beginning of the week. The market has lost nearly 7% of its value in the last 24 hours and the total market cap is now above the $1.3 trillion mark.


The market has lost over $100 billion in the past few hours, with LUNA's poor performance impacting the broader crypto market.


Bitcoin is down more than 4% in the past 24 hours and is struggling to sustain its price above the USD 30,000 level. Ether has fallen into the $2,300 region after losing more than 3.5% of its value in the past few hours.


FLOW, the Flow ecosystem's native token, is down more than 5% in the past few hours. The poor performance came despite the Flow team announcing the launch of its $725 million ecosystem fund.


In a blog post on Monday, Flow said the Ecosystem Fund will support existing and future developers building applications on the Flow blockchain. The developers receive investments, FLOW token grants and in-kind contributions from the team.


Important levels at a glance

The 4-hour chart of FLOW/USD has been bearish for the past few hours as the market continues to underperform. Despite the positive news, FLOW could see more losses in the coming hours.


The MACD line is trading outside of the neutral zone as bearish sentiment intensifies in the market. The 14-day relative strength index of 33 shows that FLOW is currently oversold.




At the time of writing, FLOW is trading at $3.49 per coin. If the bearish trend continues, FLOW could break below the first major support level at $3.10 before the end of the day.


In the event of a prolonged negative performance, FLOW could slip below USD 3 for the first time this year.


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