FLR Price Displayed Selling Pressure: Buyers About to Takeover?

• A death crossover has been witnessed between the key moving averages.
• The Flare price has dropped by 43% since April and is struggling below the 200-day EMA.

Flare crypto price has been bullish for the past few months and has just slipped below the key moving average. FLR crypto price has been bullish since December and gained around 350% till February. It recorded an all-time high of $0.056 on February 26, 2024.

After reaching an all-time high, most investors preferred to book profit, leading to bearish momentum. At the beginning of April, the buyers tried again to record a new all-time high. However, they failed to do so and witnessed selling pressure further.

According to the technical indicators, the MACD has generated green histograms, and a bullish crossover has been observed between the MACD and the Signal line. RSI is 45, recovering from the oversold zone and heading toward the overbought zone.

Price vs. Volume Analysis

Since April, the trading volume has kept decreasing, and the FLR price has also performed negatively. Since the beginning of this month, the trading volume has remained constant, and the price has undergone a consolidation phase. If the trading volume increases, then the price may be affected positively.

Flare Price Technical Analysis on a Daily Timeframe

The FLR crypto price chart displayed a strong bearish momentum on a daily time frame. The price has just slipped below the 200-day exponential moving average and started consolidating.

Suppose the FLR price manages to surpass the 100-day EMA, then the buyers might become confident. If the chart structure manages to attract investors, then the FLR crypto price may lead the trend for the long term.

On the other hand, if the digital asset price fails to exceed the key moving averages, the price may react negatively in the upcoming trading sessions. Suppose the FLR crypto price fails to defend the $0.0200 level, then bearish momentum for the long term can be anticipated.

When writing, the Flare crypto price traded at $0.0277 with a neutral change in the past 24 hours. The market capitalization is $1.14 Billion, and the 24-hour trading volume is $6.90 Million.

Conclusion

Considering the recent bearish momentum and the struggle to stay above key moving averages, the Flare (FLR) crypto price seems to be facing a challenging period. The technical indicators, such as the MACD and RSI, suggest the potential for a bullish turnaround. 

Still, the price will need to overcome key resistance levels to confirm a positive trend. The trading volume and price analysis indicate that a potential increase in trading volume could positively impact the FLR price. 

Technical Levels

Based on the chart structure, the Flare crypto price is expected to face resistance from the $0.0420 and $0.0550 levels. Alternatively, the FLR price may take support at the $0.0240 and $0.0190 marks.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.