FLARE Price Jumps Despite Bearish Clouds! What’s Next For Flare Price This Week?

The post FLARE Price Jumps Despite Bearish Clouds! What’s Next For Flare Price This Week? appeared first on Coinpedia Fintech News

Despite the crypto industry displaying a bearish momentum, the Flare token has managed to record a jump of over 5% in its valuation, indicating a bullish influence for this crypto token in the market. 

The Flare price traded in a closed range between $0.01649 and $0.01833 for a brief period, following which the market gained momentum and the price broke out of the range. The price jumped over 42% before facing rejection at $0.02346.

TradingView: FLARE/USDT

Following this, the price traded in a consolidated range between $0.02026 and $0.02346 for over two weeks, indicating a weak price action for the coin in the market.

After multiple failed attempts, the FLARE token successfully broke out of the resistance level and recorded a jump of approximately 27.5% in valuation. Following this, the price faced rejection at $0.02844 and traded sideways for a short period.

As the market regained momentum, the flare price added over 26% to its portfolio within two days. After this, the price faced rejection at $0.03253 and has been trading sideways since, highlighting a cool-off in the price action.

Will Flare Price Increase Again?

The Moving Average Convergence Divergence (MACD) records a decline in the green histogram, indicating a rise in the selling pressure for the coin. Further, the average shows a bearish curve, highlighting a bear power in the crypto space.

If the market holds the price above the support level of $0.03032, the FLARE price will regain momentum and test its resistance level of $0.03253 this week. Maintaining the price at that level will set the stage for the Flare token to prepare to test its upper resistance level of $0.03441 in the coming time.

Conversely, if the bears pull the price below the support level of $0.03032, the price will lose momentum and fall to test its lower support level of $0.02844. Moreover, if the bears continue to dominate the market, it will further plunge and prepare to test its important support level of $0.02581.