Despite the crypto industry displaying a bearish momentum, the Flare token has managed to record a jump of over 5% in its valuation, indicating a bullish influence for this crypto token in the market.
The Flare price traded in a closed range between $0.01649 and $0.01833 for a brief period, following which the market gained momentum and the price broke out of the range. The price jumped over 42% before facing rejection at $0.02346.
Following this, the price traded in a consolidated range between $0.02026 and $0.02346 for over two weeks, indicating a weak price action for the coin in the market.
After multiple failed attempts, the FLARE token successfully broke out of the resistance level and recorded a jump of approximately 27.5% in valuation. Following this, the price faced rejection at $0.02844 and traded sideways for a short period.
As the market regained momentum, the flare price added over 26% to its portfolio within two days. After this, the price faced rejection at $0.03253 and has been trading sideways since, highlighting a cool-off in the price action.
Will Flare Price Increase Again?
The Moving Average Convergence Divergence (MACD) records a decline in the green histogram, indicating a rise in the selling pressure for the coin. Further, the average shows a bearish curve, highlighting a bear power in the crypto space.
If the market holds the price above the support level of $0.03032, the FLARE price will regain momentum and test its resistance level of $0.03253 this week. Maintaining the price at that level will set the stage for the Flare token to prepare to test its upper resistance level of $0.03441 in the coming time.
Conversely, if the bears pull the price below the support level of $0.03032, the price will lose momentum and fall to test its lower support level of $0.02844. Moreover, if the bears continue to dominate the market, it will further plunge and prepare to test its important support level of $0.02581.
