- Flare crypto has medium liquidity based on its market cap.
- FLR trading price was outperformed by 77% of top 100 crypto assets in one year.
Flare Network facilitates blockchain interoperability, allowing different blockchains to communicate. It employs protocols like the State Connector and Flare Time Series Oracle (FTSO) for data exchange.
FLR, its native token, incentivizes network use, secures the system, and enables governance. Founded by Hugo Philion, Sean Rowan, and Naïri Usher, it originated to enhance smart contract capabilities, particularly for XRP Ledger.
The total value locked for the Flare crypto is $8.31 Million and the total raised amount by the crypto is $11.3 Million as per DefliLlama. Also, the market cap of the crypto has advanced by 2.4% in the last 24 hours.
The trading volume for the Flare crypto has also advanced by 27% in the last 24 hours. This further has resulted in a traded value of $24.86K followed by a market cap value of $1.258 Billion.
The market cap ranking of the crypto is #84 in the global cryptocurrency market as per CoinMarketCap. Also, the volume/market cap of the crypto is 1.97% which is relatively less while the fully diluted market cap of the crypto is $3.457 Billion.
The current circulating supply of the crypto is 36.678 Billion FLR followed by a total supply of 100.559 Billion FLR. Despite this, the maximum supply of the crypto is not defined. Also, the volatility of the crypto is very high (12.58%).
The fear and greed index of the crypto is at 77 which indicates extreme greed and the sentiment of the Flare is bullish. The current market cap dominance of the crypto is 0.05% and the all-time high price recorded for the crypto is $0.0797.
Flare Crypto Derivatives Analysis
The open interest for the Flare has been consistently advancing over time which indicates advancing activity of the traders in the crypto. Moreover, the open interest in the last 24 hours has witnessed a further advance of 1.69% resulting in $6.14 Million.
The long/short ratio of the crypto is 0.9253 and the derivatives volume has increased by 44.4% in the last 24 hours which again results in a value of $12.42 Million.
The long liquidation for the crypto is relatively low resulting in $2.10K while the short liquidation for the crypto is worth $4.84K.
Social Dominance Vs Social Volume
The social dominance following the social volume, both the factors has been consistently declining over the last few days indicating a decline in the social media activity of the crypto.
FLR Crypto Technical Analysis
The price of the FLR crypto was consistently advancing to higher levels followed by a strong uptrend which led to an advance of 550% in the trading price from the swing lows of $0.00862.
The price of the crypto further started to witness the sell-off and the price has declined by 56% from the all-time high price of $0.0797. The next support for the crypto is at a level of $0.02138 and if the price of the crypto sustains these lows, a new surge in the price might be witnessed.
FLR/USD Chart by TradingView.com
The 50 and the 200-Day EMAs on the daily chart of the Flare crypto are trading in a golden cross. Despite this, the trading price of the crypto has declined by 50-Day EMA indicating weakness in the price of the crypto.
The MACD and the signal line are also dropping towards the negative levels followed by a bearish cross of the MACD and the signal line. The RSI has also declined below the 50-level and is currently trading at 40.85 and has also declined below the 14-Day SMA.
Summary
Despite its role in blockchain interoperability, Flare Network’s native token FLR faced a significant price drop of 56% from its peak, raising doubts about its investment potential. With declining social dominance and a bearish technical outlook, caution is warranted, as FLR is struggling amid market volatility.
Technical Levels:
- Support Levels: $0.00874 and $0.02150
- Resistance Levels: $0.0440 and $0.0560
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.