Flare (FLR) Price Rally Exceeds $0.20 and 200D SMA, Will the Bull Run Continue?

FLARE has rallied 73% in two weeks, breaking the long-term resistance trendline. MACD signals sustained bullish momentum, with positive histograms supporting the uptrend.

.20 and 200D SMA, Will the Bull Run Continue?" >

After rallying by nearly 40% in 24 hours, to everyone’s surprise, the altcoin has crossed $1B in market cap. This comes as the total crypto market cap excluding Bitcoin and Ethereum reaches $800B. Will the ongoing bull run in Flare price continue to surpass the $0.030 mark? Let’s find out in our latest FLR price technical analysis.

Technical Analysis: FLARE (FLR) Price Analysis on 24th Feb 2024

In the daily chart, the FLR price action reveals a massive trend reversal story. Coming from a long-directional strain line, a bullish reversal from $0.01198 boosts the market value of FLARE.

Before this bullish reversal, the FLR price action dropped by nearly 80% from its 52-week high of $0.056 to its recent low of $0.01198. Now, this bullish reversal breaks the long-directional strain line and short-term bearish influence for a massive recovery.

This recovery run has now crossed the $0.020 psychological mark and accounts for a 73% rise within two weeks. Now, this bull run challenges the 38.20% Fibonacci level at $0.02123. Currently, the altcoin trades at $0.02096 with an intraday gain of 14.91%.

Technical Indicators:

SMA: This bullish engulfing candle has crossed the 200-day SMA line, increasing the possibility of a bullish crossover in the merged 50-day and 100-day SMA lines.

MACD: Two consecutive bullish engulfing candles have led to two massive positive histograms in the MACD indicator. This sustains the bullish trend in the MACD and signal lines.

Hence, the technical indicators maintain a bullish outlook on FLARE.

Will Flare Price Cross $0.30?

Using the trend-based Fibonacci levels, the immediate resistance for the altcoin remains at 38.20% Fibonacci level at $0.02123. However, higher price rejection in the recent two daily candles reveals the $0.025 psychological mark as a critical resistance. This also coincides with the 50% Fibonacci level.

A breakout above this level will likely continue the uptrend to reach the 78.60% Fibonacci level at $0.3820. Conversely, the crucial support for the altcoin remains at $0.01717 (23.60% Fibonacci).

With increasing bullish momentum, will Flare reach the $0.10 mark in 2024? Find out NOW in Coinpedia’s Flare price prediction, and subscribe to us for the latest crypto updates.

FAQs

FLARE (FLR) is trading at $0.02096, with an intraday gain of 14.91%.

FLARE faces immediate resistance at $0.02123 (38.20% Fibonacci) and $0.025 (50% Fibonacci and psychological mark).

The critical support levels are $0.01717 (23.60% Fibonacci) and $0.020 (psychological support).

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