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FLR price prediction indicates that bears presently hold the reins of the market on a daily timeframe. Flare token is facing significant selling pressure which recently caused the price to take a sharp fall. The Investors are presently coming out of the fear zone according to the LunarCrush. The oscillators indicate that FLR coin is significantly undervalued which may attract buyers toward Flare token.
Flare is an EVM-based layer one blockchain which is designed to allow users to build applications that is compatible with blockchain and the internet. Flare coin is the native token used for payments and transactions to prevent spam attacks and staking in validator nodes.
Rise In Buoyant Sentiments of the Investors Regarding FLR Coin
Investors’ sentiments are beginning to show bullish optimism regarding the token across various social media platforms according to LunarCrush. The total bullish sentiment parameter recorded a 56.68% increase in the weekly time frame which indicates that the price may rise if the bullish sentiments remain in the market for a longer period of time.
The total social engagement parameter is also seeing an increase of 47.74% indicating an expansion in the FLR coin community across various social media platforms.
The total bearish sentiment metric is seeing no negative change in its value which increases the possibility of buyers’ buoyant perspective.
FLR Price Prediction: Technical Analysis on Daily Chart
The RSI line is making a recovery after moving under extreme oversold levels. The present value of the RSI is 34.69 points and the value of 14 SMA is 23.38 points. The RSI line is suggesting that Flare coin can take a positive turn as it moves over the overbought zone.
At present, the stochastic RSI has reached the oversold level and the value of the stochastic RSI is 91.15 points on contrary to the RSI oscillator.
Conclusion
According to the analysis, bears presently hold the reins of the market. The FLR coin is moving below all the EMA and MA levels which are acting as crucial rejection points to the price. Flare price is presently facing resistance from the 20 EMA.
Technical Levels:
Support -$0.01000
Resistance – $0.02000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
