FLR Price Analysis: FLR Price is Trading Within a Congestion

• 1 The FLR price is currently trading at $0.0346 while seeing a change of 4.60% in 24-hour trading volume.
• 2 The FLR price has been observing an increase of 0.94% in the last 24 hours.
• 3 FLR price can make a breakout in the near future.

While the overall market is showing bullish sentiments, the investors’ opinions regarding the FLR seem to be indecisive. The price of FLR is trading under congestion. In a consolidation range the movements of price are often clear and capturable and within a congestion range the price action gives choppy and inconsistent movements. Meanwhile, all the major key EMA’s are converging near the consolidation level. This convergence and consolidation suggest that the FLR price is preparing for a breakout.

FLR price trading within a range on the (Daily Timeframe)

Source: FLR/USDT by TradingView

The overall market sentiments are currently at the greed zone of around 68 points according to the greed and fear index. The sentiments, as per the Alternative(dot) Me site, are observing a sharp increase of 6 points within a short period of time since the market was around 62 points. The market has made a significant growth of 35 points over the last month.

The bulls are dominating most of the major cryptocurrency exchange platforms by 70%. Their platforms are seeing a major increase in buyers as per Coinglass.

Technical Analysis ( 1 Day Timeframe )

Source: FLR/USDT by TradingView

The FLR price is currently consolidating within a congestion zone. It is facing resistance from the convergence of -20,-50,-100,-200 EMA around the price of $0.0350 and its major resistance is near $0.0360. The support level for the Flare token is near the $0.0338 price.

The RSI is currently just above the median line. It took support from the 14 SMA around the price of 58.45 and the 14 SMA is trading around point 57.23. The Stochastic RSI is above the oversold level of 85.71 points. The Stochastic RSI is suggesting that it can take a bearish reversal in the near future.

Conclusion

According to analysts, the price is currently trading in the accumulation phase as the overall price is in the early stage of an uptrend in the long-term timeframe. But presently, the price is making choppy movements instead of making clear full candlestick patterns. The price is making spinning tops and doji patterns. These patterns are not unusual in consolidation and give a good opportunity in a shorter time frame, but in this instance that does not seem to be the case. Hence the buyers might prefer to wait for a breakout before taking any action.

Technical levels –

Support -$0.0338

Resistance – $0.0360

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source