Flare Price Breaks $0.035: Parabolic Rally Targets $0.056
Flare is one of the best-performing altcoins in the top 100 amid the continued rise of altcoins. Flare market price increased by 24% from the previous day and has exceeded the $0.035 milestone.
On the verge of hitting $2 billion in market capitalization, FLR is gearing up to extend its parabolic surge. After rising nearly 186% over the past 30 days, FLR price is gearing up for a sharp rise in December 2024. So, let’s take a closer look at the upcoming increase in FLR price.
Torch Price Analysis
On the daily chart, Flare price action shows a parabolic rise with increasing momentum. FLR price has broken above the key psychological resistance at $0.035 following a series of positive histograms.
Additionally, five consecutive bullish candles have resulted in a nearly 60% price surge. The rebound in Flare price has increased by 61.80% from March levels to reach $0.03688.
Starting at $0.012, the recovery run has delivered a 200% return over the past four weeks. The FLR price rebound above the 50% Fibonacci level signals a change in trend momentum and underlying sentiment. This increases the chances of Flare price hitting a 52-week high of $0.056.
Flare Technicals and Price Targets
Currently, Flare is trading at a 33% discount to its 52-week high price, reflecting room for growth. The recovery trend affects the golden cross between the 50-day moving average and the 200-day moving average.
Additionally, the rising 100-day moving average is closing the gap with the 200-day moving average, suggesting a possible crossover. The MACD and signal lines remain positively aligned with the continuously rising histogram, supporting the bullish trend. Therefore, the technical indicators for the Flare price trend are very bullish.
According to Fibonacci levels, the recovery rebound is gradually approaching the 61.80% Fibonacci level. This will target the next immediate resistance level at $0.043.
Apart from this, the uptrend in the FLR price trend is likely to end at $0.063 price level in 2024, which is the 1.272 Fibonacci level. On the other hand, if the price fails to sustain above $0.036, a retest of the 50% Fibonacci level of $0.03217 is likely.
Learn More: Flare Price Prediction 2024-2030: Will FLR Price Reach $0.10?
FAQ
FLR has near-term resistance at $0.043 and long-term target at the 1.272 Fibonacci level at $0.063.
If FLR fails to sustain above $0.036, the next support lies at $0.03217, the 50% Fibonacci retracement level.
FLR has surged 200% in the past four weeks, rising from $0.012 to currently $0.03688.
