Here's Why Flare (FLR) is Breaking Out | Credit: Hameem Sarwar
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Key Takeaways
Flare (FLR) trades inside an ascending parallel channel.
The price failed to break out from the $0.027 resistance.
Will the FLR price break out, or has it reached a local top?
Flare (FLR) has been steadily climbing within an ascending parallel channel, looking for a potential breakout.
Despite multiple attempts, the price has failed to push past the key $0.027 resistance level, raising doubts about its bullish momentum.
Now, all eyes are on the $0.027 to determine whether FLR can move higher or has already peaked.
Flare Price Analysis
The daily time frame chart shows that FLR has increased inside an ascending parallel channel since early April.
Even though the Flare price has increased and created several higher lows, such channels usually contain corrections.
Therefore, an eventual channel breakdown remains the most likely future outlook.
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Momentum indicators are firmly bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are bearish (orange).
They have both generated bearish divergences and are falling, suggesting that new lows await.
As a result, the FLR prediction is bearish unless the price breaks out of the channel, which seems unlikely now.
FLR Correction Incoming
The wave count aligns with the bearish price action and indicator readings. According to the count, FLR has completed a five-wave upward movement (green) and is now in an A-B-C correction (red).
The five-wave increase was a diagonal, so the ensuing correction could be deep, hitting at least the 0.618 Fibonacci retracement support level and possibly the 0.786 one.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
