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Flare Price Ending 92-Day Correction With A Bullish Breakout? — Is FLR Developing An Uptrend?

Last Updated May 29, 2024 2:14 PM
Nikola Lazic
Last Updated May 29, 2024 2:14 PM

Key Takeaways

  • Flare’s price declined 55% to $0.025 on May 14.
  • Breakout from a descending triangle indicates the potential uptrend.
  • The Price is struggling to surpass the $0.028 resistance level.

Flare’s price made a downturn after reaching its all-time high of $0.056 on February 26. On May 14, it landed at $0.025, a 55% decrease. We saw it form a descending triangle which lasted for 92 days , and a breakout followed as it approached its apex. 

FLR
Source: CMC

The price spiked by over 6% today, making Flare the fourth largest gainer, according to CoinMarketCap. However, it is still struggling to surpass its $0.028 resistance. Can it validate the breakout and form a sustainable uptrend? And if so, how high can it go? 

FLR Price Analysis 

Flare’s value bottomed out on October 19, 2023, before reaching its peak of $0.056 in late February. After facing resistance, it dropped by more than 45% to $0.028 on March 20.

FLR
FLRUSD | Credit: Nikola Lazic/Tradingview

Since then, it has shown signs of recovery but formed an uptrend to a lower high of $0.047 on April 7. On its next downturn, FLR fell to a low of $0.025 on May 14, at the 0.618 Fibonacci retracement level. 

The daily chart MACD crossed its moving averages on the upper side, indicating the start of an uptrend. The Relative Strength Index came to its oversold zone of 30%, further suggesting that Flare was undervalued. 

This is the most likely outcome with a breakout today from the descending triangle and the technical indicators suggesting the start of an uptrend. 

FLR Price Prediction 

Zooming into the hourly chart, we see that the descending triangle could be labeled as the higher degree ABC correction. As it landed on its optimal point of 0.618 Fib and technical indicators showed FLR was undervalued, this correction likely ended. 

FLR
FLRUSD | Credit: Nikola Lazic

If this is true, the rise from May 14 is a new five-wave uptrend, out of which we’ve seen its first two sub-waves and the third one in development. Should this be validated by further rise, FLR could go to the $0.035 area before its completion. 

But because we saw two major moves—an uptrend from October last year to February and a downtrend to May 14—this could be a new sustainable uptrend that sets its sights on a new all-time high. 

The first thing we need to see is FLR rising further in the short term and making its first higher low on the downturn. If it does, buyers will step in sooner and be willing to purchase the token at a higher price, ultimately pushing it further up. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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