Is Flare (FLR) Poised for More Gains After an 18% Rally?
Release: 2024/11/30 22:29 Reading: 832
Flare (FLR) Surges Over 18%, Trading at $0.02839
FLR's daily trading volume has witnessed a remarkable surge of over 467%.
As November draws to a close, the altcoin market has experienced a surge with notable gains recorded by tokens like ETH, SOL, XRP, ADA, and DOGE. The anticipation of an altcoin season is fueled by Ethereum's rise to $3.7K.
Flare (FLR) has particularly rallied, demonstrating an 18.20% surge, currently trading at $0.02839. Its market capitalization has also climbed to $1.50 billion, while its daily trading volume has reached $89.41 million. FLR has exhibited an expansionary trend, moving from a daily low of $0.02349 to a high of $0.03141.
Over the past month, Flare has experienced a notable gain of over 108%, having commenced trading at $0.01345. It subsequently ascended to a mid-week high of $0.02398 and has sustained this momentum to date.
FLR's Potential for Further Growth
The four-hour price chart reveals FLR's current bullish trajectory. If the altcoin continues its upward trend, it could potentially reach $0.03216. Moreover, FLR has the potential to ascend further if it surpasses major resistance levels.
Conversely, if Flare's upward momentum wanes, a potential downside correction may occur, testing support at $0.024. FLR's movements will ultimately determine the asset's future recovery or decline.
Technical Indicators Support Positive Outlook
FLR's daily timeframe indicates that the short-term 9-day moving average lies above the long-term 21-day moving average. The asset's current market sentiment is overbought, indicating strong buying momentum, as reflected by the daily relative strength index (RSI) at 70.53.
Additional technical indicators such as the Moving Average Convergence Divergence (MACD) line crossing the signal line and the Chaikin Money Flow (CMF) indicator at 0.02 further support FLR's positive outlook.
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