Story Highlights

  • FLARE has gained 73% in two weeks, breaking through a long-term resistance trendline.

  • The MACD shows continued bullish momentum and the positive histogram supports the uptrend.

  • A breakout above $0.025 could propel FLARE to the 78.60% Fibonacci level at $0.03820.

As the total market capitalization of cryptocurrencies other than Bitcoin and Ethereum reaches $800 billion, Flare’s price has gained bullish momentum. In the past 24 hours, the altcoin has risen by nearly 40% and has surpassed $1 billion in market capitalization.

Will the ongoing bull run in Flare price continue past the $0.030 mark? Let’s find out in our latest FLR price technical analysis.

Flare price rises above $0.20 and 200D SMA

On the daily chart, FLR price action is showing a massive trend reversal. Overcoming a long-standing directional resistance line, the bullish reversal from $0.01198 boosted FLARE’s market cap.

Trading ideas

Prior to the bullish reversal, FLR price action dropped nearly 80% from a 52-week high of $0.056 to a recent low of $0.01198. Currently, the bullish reversal has broken through the long-term directional pressure line and short-term bearish influence, achieving a sharp rebound.

The recovery has now broken the psychological barrier of $0.020, representing a 73% gain in two weeks. The bull run is currently challenging the 38.20% Fibonacci level at $0.02123. Currently, the altcoin is trading at $0.02096, with an intraday gain of 14.91%.

Technical indicators:

SMA: The bullish engulfing candle has crossed above the 200-day SMA line. This increases the possibility of a bullish crossover of the combined 50-day and 100-day SMA lines.

MACD: Two consecutive bullish engulfing candles have resulted in the formation of two huge positive histograms in the MACD indicator. This has extended the bullish trend of both the MACD and the signal line. Therefore, the technical indicators maintain a bullish view on FLARE.

Will Flare price exceed $0.30?

Using trend-based Fibonacci levels, the immediate resistance for the altcoin remains at the 38.20% Fibonacci level, which is $0.02123. However, the recent higher price declines in the two daily candlesticks suggest that the psychological mark of $0.025 is a key resistance level. This also coincides with the 50% Fibonacci level.

A breakout of this level could extend the uptrend or reach the 78.60% Fibonacci level at $0.3820. Conversely, the key support for the altcoin remains at $0.01717 or the 23.60% Fibonacci level.