FLR is currently trending in the crypto market as its price is around $0.028. Recent technical analysis from the CW page on X suggests that FLR price might be on the brink of a substantial bull run if it manages a crucial breakout The analysis, based on technical indicators and market behavior, has caught the attention of investors and traders in the crypto space.
According to the analyst, Flare price is currently facing two major selling walls at approximately $0.0395. These levels represent points where large volumes of FLR prices are likely to be sold, potentially acting as a ceiling for the price.
FLR Price Chart Analysis
However, the analyst posits that should FLR price manage to surge past these walls, it would not only clear the resistance but also signal a robust bullish momentum. This breakout would indicate that the market’s selling pressure has diminished, paving the way for a price increase.
The analysis highlights that FLR price has recently experienced an upward trend following what the analyst describes as a “convergence breakout.” This movement out of a consolidation phase suggests that there has been a shift in market sentiment with increased buying interest. A breakout from a consolidation pattern often precedes a stronger trend, in this case, an upward one, which aligns with the bullish outlook for FLR price.
Technical Analysis Indicators and Bull Market Indications
The chart provided in the post shows a support level at around $0.0285, depicted by a green zone, and resistance at $0.0395, marked by a red zone. The price action of FLR price is currently within an ascending channel or triangle, moving towards the resistance, which could be a pivotal point for the anticipated breakout.
A white trend line on the chart suggests an upward trajectory for FLR price. If the price breaks through the resistance, this trend line supports the expectation of continued upward movement.
The chart includes a curved arrow, indicating an optimistic projection where FLR is expected to surpass the resistance and continue its ascent.
The analysis concludes that a successful breakout above the selling walls at $0.0395 with strong volume could indeed herald the start of a bull market for FLR price. This breakout would remove an amount of overhead supply, allowing for a potential price surge as new buyers enter the market with less resistance.
