Flare’s price fell by 70% over 120 days after its cycle high of March 2024.
However, the price regained its footing on April 7, creating a bullish signal in multiple time frames.
Since then, a 70% price increase has followed, taking FLR to the resistance trend line of a long-term corrective pattern.
Will Flare finally break out from this pattern, and what’s next if it does? Let’s find out.
Flare’s Bullish Pattern
The Flare price bounced last week (green icon), creating a bullish engulfing weekly candlestick.
The bounce validated the $0.012 horizontal area as support, creating a double bottom pattern.
Flare’s price has increased since and nearly reached the long-term descending resistance trend line since March 2024.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have generated bullish divergences (orange).
Combined with the reclaim and bullish pattern, these suggest the FLR price has begun a trend reversal toward the long-term resistance.
Will Flare Break Out?
The daily time frame FLR price analysis is also bullish.
The FLR price has fallen inside a descending parallel channel since December 2024.
Flare’s decline led to a low of $0.010, causing a breakdown from the $0.012 horizontal support area.
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However, the price began an upward movement on April 9, reclaiming the area while doing so.
Today, the FLR price is making the third attempt at breaking out from the channel’s resistance (black circle), which has existed for 132 days.
If it does, the next closest resistance will be at $0.023
Technical indicators support the breakout. The RSI and MACD are increasing.
The RSI is above 50, while the MACD is positive, indicating a bullish trend.
Therefore, the FLR price prediction is bullish, suggesting a likely breakout.
FLR Breakout Incoming
Flare has increased over 70% since its April 7 lows, creating a bullish engulfing weekly candlestick.
The FLR price reached the resistance trend line of a descending parallel channel in place for over 130 days.
If FLR breaks out as expected, the price can reach the $0.023 confluence of resistances.
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.
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