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FLR Price Prediction: Is the FLR Price Within Grave Peril?

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 

FLR Price Prediction: Is the FLR Price Within Grave Peril?
Source:  FLR/USDT by LunarCrush

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%.

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Technical Analysis (1-Day Timeframe )

FLR Price Prediction: Is the FLR Price Within Grave Peril?
Source:  FLR/USDT by TradingView

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.

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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 contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing