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- 1 The FLR cryptocurrency price is showing bullish signs, and has the potential to grow further.
- 2 This crypto asset’s total value locked (TVL), which is the staked or locked value on the chain, has been surging.
Flare Network is a chain of several blocks of blockchain that principally operates on a Proof-of-Stake (PoS) consensus mechanism. It is built entirely with the assistance of the Ethereum Virtual Machine (EVM) which facilitates it properly to support various listed smart contracts and even to host distinct decentralized applications (dApps).
Moreover, the FLR token is built from the essence of Flare Network, which is used for various purposes such as incentivizing FTSO use, acting as collateral in third-party dApps, participating in governance, securing the network through staking, and paying transaction fees.
Flare Crypto Social Dominance Chart
The FLR crypto’s social dominance reflects how much it is talked about, valued, and sought after by the crypto community. The following chart spans from February 2023 to March 2024. It shows how popular, active, and in-demand the Flare Network protocol is among users.
The social dominance, including Twitter news, followers, and social volume (including active users of Telegram and Twitter), shows a negative trajectory; there is also a downtick in its active users and Twitter chatter. According to the Santiment website, based on an analysis of a time interval of 7-D, it is observed that the Flare Network’s popularity has decreased over the last three bars.
The past data in the chart shows that social dominance has been stable up to December 2023 and started to rise after the start of 2024. The recent surge in social dominance and social volume displayed a spectacular rally boost in the price of the FLR token, as more people were interested in buying and holding it.
Flare Crypto (FLR) TVL Chart
The FLR Crypto’s total value locked (TVL), which is the staked or locked value on the chain, has been surging since September of 2023. The rise in TVL in Flare Network crypto over time reflects the changing dynamics of market participation, the increase in the demand for the FLR project, and the increase in investors’ willingness to stay invested.
In what is seen as a major confidence booster in FLR, when the (Total value Locked) over the Defilama platform surges, FLARE Crypto’s liquidity, popularity, and usability also increase. It reflects that the higher TVL makes the FLR asset more reliable and less riskier. The total TVL is $9.42 Million as per the Defilama.
Source: By Defilama.com
What Does the FLR Price Chart Show Over the Daily Chart?
The FLR price chart displays that the price rallied from the demand zone of $0.0100 to $0.0550. However, the crypto slumped as the price failed to jump over it, and it displayed a pullback scenario in its ascent.
However, the Flare crypto has revealed a sign of recovery after a short-term fall, as the price shows a seller’s rejection from a crucial support level of around $0.0350 on the chart.
The FLR crypto now appears set for a colossal surge as it gears up to crack the resistance level and rocket to new peaks from the current support level.
The Flare crypto asset is exhibiting bullish strength and rising capacity as it holds above major 20-day and 50-day EMAs. Likewise, the FLR asset is displaying bullish behavior as the RSI is not near the 70 level yet in the FLR chart, meaning that the asset is not facing much resistance on the above level and can extend its gains.
On observing the price chart data over the daily chart, the FLR asset is showing bullish signs and has the potential to grow further. It has performed well in the past month and quarter by 40.26% and 103.17%, respectively, indicating a solid uptrend.
At press time, the crypto has experienced a surge of 0.46% in the last 24 hours, trading at $0.04159. Therefore, if the demand for the FLR token rises abruptly, the asset price could bounce back from the current level. The next goal for the price could be to reach $0.0550; in between, the hurdle would be $0.04956.
However, if the Flare crypto price fails to stay above the $0.03500 level, it could decline further.
FLARE daily chart analysis by Sam_TCR on TradingView.com
Summary
The FLR price highlights the bullish sentiments and perspectives regarding the crypto asset in the daily time frame. The Flare crypto price action highlights a bullish view at the time of publishing, as it recently attempted to surge from a pivotal level.
Moreover, the technical parameters of the Flare price suggest the continuation of the uptrend, which relies on the buyer’s surge over the daily time frame chart. Major reliable indicators like RSI, EMA, and TVL suggest bullish gestures regarding the FLR price.
Technical Levels
Support Levels: $0.0350
Resistance Levels: $0.04956
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
