Flare (FLR) Price Analysis: Bullish Reversal Imminent Following 70% Price Increase

Key Takeaways

• Flare (FLR) has increased by 70% since its March 11 lows.
• Flare reached a 130-day descending resistance trend line.
• Can FLR break out from this resistance and move above $0.02?
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The Flare price has fallen significantly since its long-anticipated debut in January 2023.

In this cycle, FLR had a brief rally starting in November 2023 but began a downward movement in March next year.

After another lower high in December, FLR fell by nearly 70% in several months.

However, the price showed impressive strength with a 70% bounce on April 9.

Let’s examine why it did and determine where Flare can go next.

FLR Price Reaches Resistance

The daily time frame FLR analysis shows that the price has fallen in a descending parallel channel since the cycle high in December 2024.

Flare’s decline led to a low of $0.010, briefly dropping below the 2024 low of $0.012.

However, the price immediately jumped, increasing 70% on April 9 and reaching the channel’s resistance trend line.

There are no imminent reasons for the spike, except for the Flare network’s news announcement that XRPFi is loading.

Technical indicators suggest FLR will break out from the channel.

The Moving Average Convergence/Divergence (MACD) made a bullish divergence (orange).

The Relative Strength Index (RSI) cleared its resistance trend line, moving above 50.

Combined with channels usually containing corrective movements, an FLR price breakout is likely.

If one happens, the next resistance will be at $0.022.

What’s Next for Flare?

The wave count gives two outlines for the future FLR price movement.

The bullish one suggests that Flare has completed an A-B-C correction (red) and has started an upward movement.

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If this is the case, FLR will continue increasing above the $0.056 cycle high.

However, the fact that waves A and C do not have a shared ratio and the movement does not fit in a parallel channel makes this outlook less likely.

The bearish alternative is that the FLR price completes a five-wave downward movement (red), shaped as a leading diagonal.

If this is the case, FLR is in wave four, after which another downward trend is likely.

In any case, both counts predict a short-term increase toward the $0.022 resistance. As a result, a breakout from the parallel channel is likely.

FLR Breakout Incoming

The FLR price outpaced the crypto market with a 70% price increase on April 7.

Flare is attempting to break out from a 130-day descending parallel channel.

While the long-term trend is unclear, FLR will likely break out from this pattern.