Flare Price Rally Reaches 15%, Targets $0.010 Breakout
Flare (FLR) has joined the market's top gainers, experiencing a significant 15% rally that has pushed its price to around $0.0065 at the time of writing. The asset's structural pattern is currently optimistic, having formed a cup-and-handle pattern over the past couple of days.
This bullish precursor is typically followed by a price breach of the neckline resistance level, which in this case is the horizontal resistance level at $0.0075. If FLR can overcome this hurdle, it may pave the way for further upside on the chart.
Market analysis indicates that there is a high chance the rally will not stop here and could create a new high depending on certain key structural hurdles being overcome. The indicators are showing strength, with the Aroon Indicator and Accumulative Swing Index trending upward, indicating a higher chance of continued higher swings.
The spot market could also play a decisive role in ensuring FLR continues to rally, with data from CoinGlass showing a massive surge in demand for the asset, resulting in net outflows of $325,000. If this movement of capital is sustained, it could support FLR's push toward a new high.