- The Flare price took support on the $0.0350 decisional point of interest (POI).
- Technical indicators summary suggested a positive signal in the current phase.
- The FLR coin price has increased by 3.04% during the intraday trading session.
Flare is an Ethereum Virtual Machine (EVM) based layer-1 blockchain. It offers developers decentralized access to high-integrity data from other chains and the internet. It enables new use cases and monetization models. FLR is the native token of this project that is used for payments and transaction fees to prevent spam attacks and staking in validator nodes.
Flare Price Witnessed a Massive 142% Year-to-date Return
The FLR coin price started a bullish rally from the $0.0082 support. It surged 175% to the $0.0226 level, breaking above the $0.0196 resistance level. It created a positive attitude toward the FLR price, which resulted in a change of sentiments to bullish.
Subsequently, the price made a minor bullish correction on the $0.0196 resistance level. This resulted in an upsurge of over 100% to the $0.0322 resistance level on February 4, 2024. The major supply zone of $0.0350 failed to keep the price below.
As a result, it made another impulsive bullish rally, increasing 74% from the $0.0322 support level. That made the $0.0350 level an important bullish point of interest (POI), attracting many buyers in the current trading sessions.
Flare’s all-time high (ATH) price is at $0.0797, and its current price is performing 46.85% below the ATH. 24-hour trading volume has increased by 9.95%, ranked 318th out of all the 8,958 active cryptocurrencies registered in the CoinMarketCap.
Technical Analysis of the FLR Coin Price
The 50-day and the 200-day EMA had a bullish crossover at $0.0160, indicating a strong uptrend. The 50-day EMA is leading the current market price. Recently, it had a close encounter with the 50-day EMA, which could lead to upwards.
Flare price faced resistance from the $0.0559 level, which played a significant role in keeping the price below. Subsequently, the price fell 37% on the $0.0350 decisional point of interest. This level is preventing the price from falling further.
The price got a strong bullish response from the $0.0350 POI in the last few trading sessions. It is moving toward the $0.0479 supply level. If the FLR coin price manages to close above that level, it can reach $0.0648 in the next bullish rally.
Moreover, the relative strength index (RSI) reflects an internal bearish divergence in the price momentum. It indicates that the seller showed more strength in recent sessions. RSI is sloping at 56.31 above the middle band.
Summary
Overall, the Flare price has been performing in an uptrend since October 2023. The price made a resistance at the $0.0559 level. The technical indicators summary suggested a positive signal in the current trading phase. The price is moving toward the $0.0479 supply level at press time. It can claim $0.0648 if it sustains above that supply level.
Technical Levels
- Resistance Levels: $0.04791 and $0.0559
- Support Levels: $0.0350 and $0.0226
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 any other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.