Despite an intense correction phase, FLARE reveals an impressive trend reversal opportunity with a bullish breakout. But will the breakout run sustain momentum to hit $0.020?
Amid the broader market recovery, the bullish attention towards the altcoins is increasing. With multiple coins giving double-digit returns, FLARE prepares for a massive breakout move. Will this breakout result in an 83% rise in the coming weeks?
FLARE’s Falling Wedge Holds the Fate
In the 1-day chart, FLARE reveals a massive high-momentum correction phase in motion. The altcoin’s market value has dropped by 70% since February 2024, dropping prices from $0.052 to $0.01516.
FLARE’s bearish trend forms a wedge pattern in the daily chart with two narrow converging trend lines. This pattern reveals a lack of volatility in the price movement and generally leads to a bullish breakout.
Bulls Reclaiming Shorter Timeframes
In the 4-hour FLARE chart, the bullish chances of reversal are significantly increased compared to the daily chart. Based on the recent correction phase, FLARE highlights a strong resistance trendline at play.
In the recent v-shaped reversal from $0.014, FLARE failed to break past the trendline and the 50% Fibonacci level at $0.01750. This results in a pullback to the $0.01487 support level.
However, the underlying demand at the support level absorbs the incoming supply and defuses the downfall into a sideways consolidation.
Will FLARE Price Hit $0.020?
The 4-hour RSI line reveals a bullish divergence in the consolidation range, supporting the uptrend chances. Thus, the momentum indicator teases a potential Bullish surge to challenge the 23.60% Fibonacci level at $0.01568.
Furthermore, the super trend indicator reveals that the consolidation range has yet to break below the green line, making the pullback an excellent dip to buy.
A bullish breakout of the overhead resistance trend line in confluence with the 23.60% Fib level could result in a massive upside movement in the FLARE prices. Optimistically, the uptrend could reclaim the $0.020 psychological mark and head for the 1.618 Fibonacci level at the $0.02782
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Source: https://thecryptobasic.com/2024/08/14/ready-to-blast-flare-breakout-run-could-surpass-0-020/?utm_source=rss&utm_medium=rss&utm_campaign=ready-to-blast-flare-breakout-run-could-surpass-0-020