Home / Analysis / Crypto / Technical Analysis / Flare (FLR) Bounces Back 30% From January Low, Correction Ends

Flare (FLR) Bounces Back 30% From January Low, Correction Ends

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James
  • FLR completed a corrective ABC structure, signaling a potential shift toward a new bullish impulse.
  • The daily RSI indicates neutral momentum, while the 1-hour RSI shows a temporary pullback amid bullish divergence.
  • Key Fibonacci levels align with projected Elliott Wave targets, confirming critical support and resistance zones.

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.

FLR Price Analysis

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.

FLR price analysis
FLRUSD corrective ABC structure complete | Credit: Nikola Lazic/TradingView 

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.

FLR Price Prediction

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.

FLR price prediction
FLRUSD gears up for a potential breakout above key resistance | Credit: Nikola Lazic/TradingView 

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.

Key Levels to Watch

  • Immediate Resistance: $0.02863 (0.382 Fibonacci retracement on daily).
  • Key Support: $0.02712 (0.236 Fibonacci retracement on 1-hour); $0.02545 (0.5 Fibonacci retracement).
  • Critical Support: $0.02227 (0.618 retracement on daily chart).
  • Short-Term Target for Wave (iii): $0.03427-$0.03666.
  • Wave (v) Target: $0.03991-$0.04117 (2.0-2.272 Fibonacci extension).
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.
Was this Article helpful? Yes No

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
See more