thecoinrepublic.com
- 1 The FLR price is currently trading at $0.02334 seeing a decline of 9.64% within the last 24 Hours
- 2 The FLR price has a total market capitalization of $386.34 Million
- 3 It is trading near a critical support zone on a major timeframe and the FLR price may see a further decline.
The FLR price is presently observing a sudden increase in the total bearish sentiments on the weekly timeframe. It may continue to move in a bearish direction in the near if the buyers refuse to provide support at the current levels. It is currently trading near a crucial support zone and if the price does not gain the investor’s backing it may fall into jeopardy.
Though the majority of the technical indicators are forecasting negative signals regarding the future value of the Flare token, the oscillators suggest that the price may make a last attempt to regain its value. Observing the price action flare coin is making long red candles and short green candles which denotes that the sellers have major control over the market.
A Substantial Increase in the Total Bearish Sentiments of the FLR price
The investor’s sentiments have taken a sharp and substantial bearish turn within the recent week according to the LunarCrush platform. Total bearish sentiment metrics are observing a significant surge of 700% which indicates that Investors are currently under the bear’s influence. The social engagement rate has declined by 45.14%.
Technical Analysis (1-Day Timeframe )
After breaking the consolidation channel with a significant bearish engulfing candle the price of FLR is seeing a decline of 32% within the last few weeks. It is trading below the -20,-50,-100,-200 EMA around the price of $0.0232.
The RSI is currently trading at extremely oversold levels taking resistance from the 14 SMA. The current value of the RSI line is 25.72 points whereas the 14 SMA line is moving around 32.17 points.
The stochastic RSI is also following the RSI’s lead. The %K line is trading near the oversold level at 3.29 points. The stochastic RSI is suggesting that it can take a positive reversal in the near future.
The support level for the Flare token is near the $0.0230 price, major resistance is near $0.0300.
Conclusion
According to our 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. Although at the present moment, the price is making choppy movements instead of making clear full candles. The price is making spinning tops and doji patterns.
Technical levels –
Support -$0.02300
Resistance – $0.03000
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.