Flare price prediction is mildly bullish and suggests recovery might continue in the coming months.
The FLR price shot up approximately 39% on December 9, 2023, and formed a giant bullish candle. It indicates the buyers are getting active and returning back to the track.
The Flare crypto price managed to climb above the 50-day EMA and also the breakout of the 200-day EMA. It shows the initial signs of the bullish trend reversal. The confirmation of the reversal will come when the price sustains the higher levels for a few weeks.
The recent wild upward move in the FLR crypto is supported by a massive buying volume. It indicates that some big players might have turned bullish and injected the money from lower levels.
However, the price witnessed minor profit in the last two sessions and it is retracing back to the 200-day EMA. So, new participants may take this retracement as an opportunity to build fresh longs.
Currently, the FLR/USDT pair is trading at $0.01721 with a one-day decline of -5.07%. In the last 24 hours volume to market cap stands at 8.33%, which denotes liquidity is quite low.
Flare Price Analysis: Is the Recent Up Move Sustainable?
Flare price prediction suggests a rise in the short run and new swing highs may be visible. The correction seems to have taken a halt and buyers are trying their best to continue the recovery.
Recently, the FLR price attempted to break out of the 6 months high at $0.02200. However, buyers did not succeed and lost momentum. The price still rallied approximately 80% in the short period. So, minor corrections are good and healthy for the fair price discovery.
The analysis suggests the recent up move in the FLR crypto looks reliable and sustainable and the price might show a bounce back.
The FLR Price Rose for the Three Consecutive Weeks
The FLR token price rose for the three consecutive weeks and recovered the losses of the past six months. The next phase of recovery will trigger when buyers can break the $0.02200 level. Till then price may consolidate for some time with a mild bullish bias and may try to form a base.
The RSI at 63 slopes down, indicating it is cooling off from the overbought territory and may test the neutral zone. The supertrend says till the Flare price holds the $0.01378 the short-term trend will remain upward.
Conclusion
Flare price prediction is mildly bullish and suggests the FLR token might continue its recovery in the coming months.
The chart pattern shows the correction in the FLR crypto is over and time for reversal has arrived. Therefore, till the FLR price sustains above both the EMA the buyers may look to play bullish bets for generating nominal returns.
Technical levels
- Resistance levels: $0.02404 and $0.02600
- Support levels: $0.01578 and $0.01212
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2023/12/11/flare-price-surged-39-is-the-correction-over-in-the-flr-crypto/