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Why is Flamingo (FLM) crypto trending?

It’s an amazing twist of fate for ranked 394th cryptocurrency Flamingo (FLM). After a steady climb for more than 14 days, Flamingo Crypto experienced a flash crash when it crashed at 6:30 am on June 13 (GMT +1 ) fell by 20.09%.

Flamingo (FLM) crypto has seen a rally of over 22% over the past 30 days, with many market participants expecting the bull run to continue for a while. But on June 13, the bull run busted when the FLM crypto collapsed on Monday.

The DeFi platform is powered by the Neo blockchain and Poly Network’s interoperability protocol. Flamingo Crypto leverages multiple DeFi applications such as a cross-blockchain asset gateway, swapping liquidity pool, vault, etc., thereby offering users a range of options to choose from during trading.

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What are the FLM Crypto indicators saying?

Looking at the chart, Momentum, which appeared to be strengthening, took a hit with its MACD on Monday, suggesting it is leveling off after its run. Although the MACD line is still well away from the signal line, it will still take a few days for the latter to catch up with the previous one.

Photo credit: trade view

The RSI, on the other hand, tells a different story. The RSI, which hit the oversold position at 88.27, fell suddenly on Monday to 51.31 during the intraday trading session. The sudden drop seems to indicate that investors have started selling their assets overnight to make the most of their gains.

The immediate flash crash appears to be primarily due to the weekend’s massive sell-off amid heightened inflation fears that reduced the global crypto market to $1.04 trillion on June 13th. Several experts also believe that the crypto plunge is a sign of investors’ falling risk appetite.

Flamingo provides capital efficiency by considering factors such as liquidity pool and collateral pool. FLM Crypto recently released SOMNIUMWAVE Reverse Pool, allowing users to stake FLM tokens on June 10th. The new token does not pay for staking rewards. Instead, the new FLM SOM reverse pool pays rewards in SOM tokens.

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SOMNIUMWAVE is primarily a multiplayer blockchain game aimed at rewarding users for SOM NFTs and interacting with other metaverse players.

How is the price developing?

Flamingo Crypto was trading at $0.124577 with a trading volume of $61.55.86.256 over the day as of 6:30 a.m. (GMT +1), according to CoinMarketCap. FML crypto had a live market cap of $3,89,03,491 with 31,22,84,062 FLM coins.

Despite the price drop, however, the FLM crypto has seen a healthy rally of over 776% over the past 24 hours.

FLM crypto rally and dip shows the overall sentiment and volatility of the crypto markets. Therefore, investors and market participants need to do their market research at this stage and ensure they make their investment decision carefully.

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