Sohrab Khawas
With the total crypto market cap excluding Bitcoin and Ethereum reaching $800B, the Flare price gains bullish momentum. Over the last 24 hours, the altcoin has increased by nearly 40% and crossed $1B in market cap.
Will the ongoing bull run in Flare price continue to surpass the $0.030 mark? Let’s find out in our latest FLR price technical analysis.
Flare Price Rally Exceeds $0.20 and 200D SMA
In the daily chart, the FLR price action reveals a massive trend reversal story. Overcoming a long-coming direction strain line, a bullish reversal from $0.01198 boosts the market value of FLARE.
Prior to the bullish reversal, the FLR price action dropped by nearly 80% from its 52-week high of $0.056 to its recent low of $0.01198. Currently, the bullish reversal breaks the long-coming direction strain line and the short-term bearish influence for a massive recovery.
The recovery run has now surpassed the $0.020 psychological mark and accounts for a 73% rise within two weeks. The bull run is now challenging the 38.20% Fibonacci level at $0.02123. Currently, the altcoin is trading at $0.02096 with an intraday gain of 14.91%.
Technical Indicators:
SMA: The bullish engulfing candle has surpassed the 200-day SMA line. This increases the possibility of a bullish crossover in the merged 50-day and 100-day SMA lines.
MACD: The two consecutive bullish engulfing candles have led to two massive positive histograms in the MACD indicator. This prolongs the bullish trend in the MACD and signal lines. Hence, the technical indicators maintain a bullish point of view on FLARE.
Will Flare Price Cross $0.30?
Using the trend-based Fibonacci levels, the immediate resistance for the altcoin remains at 38.20% Fibonacci level at $0.02123. However, the higher price rejection in the recent two daily candles reveals the $0.025 psychological mark as a critical resistance. This also coincides with the 50% Fibonacci level.
A breakout above this level will likely prolong the uptrend or journey to reach the 78.60% Fibonacci level at $0.3820. Conversely, the crucial support for the altcoin remains at $0.01717 or the 23.60% Fibonacci level.
With the increasing bullish momentum, will Flare reach the $0.10 mark in 2024? Find out NOW in Coinpedia’s Flare price prediction, and subscribe to us for the latest crypto updates.
FAQs
FLARE (FLR) is trading at $0.02096, with an intraday gain of 14.91%.
FLARE faces immediate resistance at $0.02123 (38.20% Fibonacci) and $0.025 (50% Fibonacci and psychological mark).
What are FLARE’s crucial support levels?
The critical support levels are $0.01717 (23.60% Fibonacci) and $0.020 (psychological support).
