Flare (FLR) price has witnessed significant buyer accumulation activity and surged over 12% this week. The token’s Total Value Locked (TVL) has surged past the $16 Million threshold. It is heading close to the ATH of $16.85 Million.
By this, the network’s fundamentals have strengthened, pointing to increasing investor confidence.
The price action indicates that FLR crypto has bottomed out and was on the brink of a range breakout. For the past two months, the FLR price remained capped inside a tight range and displayed consolidation on the chart.
However, the increasing trading volume and investor confidence surge signaled a breakout looming. The FLR crypto might see a massive upswing in the coming sessions.
Furthermore, the token showed a four-day bullish streak and gained immense bullish momentum. It has climbed past the 20-day and 50-day EMAs, reflecting the heightened buying pressure.
FLR Price Prediction: Range Breakout Imminent?
On the daily chart, the FLR price was inching closer to the resistance barrier of the range, at around $0.01750. A daily close above the level would validate the range breakout. This may send FLR crypto toward $0.02000 in the coming sessions.
**** **** **** **
FLR Price by TheCoinRepublic on TradingView.com
** ****
At press time, the FLR was trading at $0.01648. It surged over 3.90% over the last 24 hours and 10.33% over the previous seven days.
@KingKaranCrypto, in his tweet, indicated that FLR crypto has captured momentum and could skyrocket soon.
LET’S GO $FLR ☀️🚀
IT’S ABOUT TIME IT DID SOMETHING! pic.twitter.com/8XkXAyr22J
— 👑 𝕂𝕚𝕟𝕘 𝕂𝕒𝕣𝕒𝕟 👑 (@KingKaranCrypto) September 28, 2024
If the current investor interest and positive sentiment persist, FLR crypto might successfully breach the range. There will be a massive upsurge in the following sessions. This will allow the altcoin to trigger a bullish reversal, leading to new delights.
The daily timeframe analysis for Flare Crypto showed that the buyers were attempting to breach the region’s upper resistance band. By breaching this, they anticipated a breakout move.
Recently, altcoin reverted from the support zone of $0.01400 and gained bullish momentum. Also, a bullish divergence was noted in the RSI.
Currently, the RSI rests at 62 at press time, conveying the increasing buying pressure on the chart. Alongside the four-day FLR price surge, a successive increase in trading volume of over 140% was noted. This signified market optimism.
The Chaikin Money Flow (CMF) plotted a bullish reading at 0.15. It represented the surge in liquidity in the market.
Total Value Locked (TVL) On the Rise
Since 2024, Flare Crypto’s TVL has been increasing. At press time, it reached $16.6 Million.
TVL Data | Source: DeFiLlama
This significant rise in TVL implies growing investor confidence and market optimism. Notably, the altcoin’s TVL was approaching its peak. It is close to making a new ATH mark.
Futures Market Data Outlook
Following the significant buying interest, traders were positioning for a big run, as indicated by the funding rate. Since Sep 18, it remained in the positive region, 0.0073%.
The positive funding rate indicates that the traders are going long and expecting the FLR price to rise ahead.
Funding Rate Data | Source: Coinglass
Furthermore, the Open Interest (OI) rose over 13.2% to $3.81 Million. It signifies prolonged buildup activity, which resembles a positive outlook.
The immediate support zones were around $0.01560 and $0.01430. On the other hand, the resistance levels were around $0.01750 and $0.01900.
