The FLR charts provide valuable insights into current price trends and potential future movements.
Leveraging Elliott Wave Theory, Fibonacci retracements/extensions, and RSI dynamics, this analysis breaks down the broader context from the daily chart while offering a focused projection based on the 1-hour time frame.
The daily time frame FLR chart reveals a clear Elliott Wave impulsive pattern to a peak near $0.039.
This rally concluded a five-wave impulse, followed by a corrective ABC retracement, where wave C found support at the $0.022 region, aligning with the 0.618 Fibonacci retracement.
This level served as a launchpad for the current upward movement as FLR regained the $0.027-$0.028 range.
The Relative Strength Index (RSI) on the daily chart reflects a neutral stance, neither overbought nor oversold, which suggests that the asset is consolidating and potentially preparing for a new upward phase.
The recent move above the 0.382 Fibonacci retracement at $0.02863 strengthens the case for a bullish continuation if this level holds.
The structural analysis highlights key resistance near $0.03255, corresponding to the 0.236 retracement from the prior high.
A decisive close above this level could confirm the resumption of a larger upward trend, with additional targets set by Fibonacci extensions and prior highs.
Zooming into the 1-hour chart, FLR shows the development of an impulsive wave structure following the completion of the ABC correction. Wave (i) recently peaked near $0.029, and the subsequent pullback suggests the formation of wave (ii).
The corrective nature of this move aligns with Fibonacci retracement zones, with support expected near $0.02712 (0.236 Fib) or $0.02545 (0.5 Fib). A failure to hold these levels could invalidate the bullish thesis.
Wave (iii), if confirmed, targets an extension toward $0.03427 (1.272 Fib) and $0.03666 (1.618 Fib). This aligns with the previous structural resistance near $0.035, which could act as an intermediate ceiling.
A shallow wave (iv) correction would likely follow before wave (v) extends into the $0.03930-$0.04117 range (2.0-2.272 Fib levels).
Momentum analysis via RSI shows a minor bearish divergence at the wave (i) high, hinting at a short-term pullback.
However, if bullish momentum persists, the subsequent waves could achieve higher Fibonacci targets.