FLR crypto exhibited a major run above the neckline of $0.02000 and enlisted a sharp breakout in the overnight session. This breakout led sellers into trouble, and buyers are celebrating the gains. However, instead of the follow on buying momentum, buyers are struggling to cross the latest high of $0.02400 to continue the bullishness.
The FLR price has cleared multiple hurdles in a single go and has escaped the key moving averages, decisively revealing investor interest. Additionally, the most awaited range breakout was done now and the fresh buying momentum can lead the token away from the sellers’ eyesight and may reach $0.02700 soon. However, bulls must breach the previous swing hurdle of $0.02500 to clear the obstacle for a smooth rally.
Flare (FLR) was at $0.02189 at press time with an intraday gain of 24.66%, showing a breakout in the overnight session. Moreover, the trading volume increased by 15.80% to $107.12 Million, highlighting investor interest. The pair of FLR/BTC was noted at 0.000000514 BTC, while the market cap is $712.10 Million. Analysts are bullish and suggest that the FLR token price will surpass $0.02500 soon. It can continue to surge in the following sessions.
The FLR Token on Daily Charts Reveals Range Breakout
On the daily charts, the FLR token price recovered from the lows of $0.01000 and healed over 120% in recent few weeks. Amidst the crypto market rally, the token decently participated and maintained the gains near the neutral region. Furthermore, the buyers have gained momentum and will continue to extend the gains soon.
The relative strength (RSI) curve stays above the midline in the overbought zone and forms a positive divergence. The MACD indicator showed a bullish crossover, revealing buying momentum on the charts.
Per the Fibonacci retracement levels, the token has kicked off the 38.2% level, surpassing the mid bollinger band and exhibiting a bullish outlook.
FLR On Weekly Charts Displays V-Shaped Reversal
On the weekly charts, the Flare token price made a doji morning star candlestick followed by a bullish candle, revealing a reversal. Afterward, the buyers continued enduring the gains and witnessed a V-shaped recovery. However, the 50-day EMA mark finally stopped the rally and buyers wanted to cross the barrier to continue the bullishness.
Summary
The Flare (FLR) token price showcased a sharp run and exited the consolidation range decisively away from the round mark of $0.02000. Furthermore, the price action signifies the bulls’ strength. They are now readying to lift the FLR price toward the blue sky zone of $0.02800.
Technical Levels
Support Levels: $0.02000 and $0.01890
Resistance Levels: $0.02400 and $0.02800
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/01/16/flr-price-prediction-flr-delivers-range-breakout-what-next/