Flare cryptocurrency is currently facing downward pressure, with its price sliding and reflecting a broader bearish sentiment. The token has experienced a 2.1% decline since yesterday, trading at $0.02127, and a nearly 10% decrease over the past week. The market capitalization has also slipped by 2% to $1.53 billion, while the trading volume has increased by 10.87% to $9.18 million.
This price decline comes amidst a shift in market sentiment. While Flare’s partnership with Revolut for the Learn & Earn campaign targeting over 400,000 users has generated long-term optimism, the restriction on immediate FLR reward withdrawals has dampened enthusiasm among short-term speculators.
In terms of price analysis, FLR is currently trading below its 7-day Simple Moving Average (SMA) of $0.0222 and its 30-day SMA of $0.0231. This indicates a bearish momentum, with both averages acting as dynamic resistance levels. The Moving Average Convergence Divergence (MACD) histogram at –0.000382 further confirms weakening buying pressure. The Relative Strength Index (RSI) hovering near 38.8 suggests that the token is edging towards oversold territory without showing clear signs of a reversal.
The immediate support level for FLR is at $0.0209, followed by a stronger base at $0.018. If these levels fail to hold, further downside potential could accelerate. On the upside, a close above $0.0222 could help the token stabilize and potentially challenge the $0.0233 mark.
Traders are advised to monitor how FLR behaves around its current support levels. Holding above $0.0209 could provide a base for a potential rebound, while any sustained failure below this level increases the risk of a drop towards $0.018.
In terms of FAQs, investors may wonder why Flare’s price is dropping, which can be attributed to bearish technical signals and market disappointment over restricted token withdrawals from the Learn & Earn campaign. Key support and resistance levels to watch include immediate support at $0.0209 and resistance at $0.0222 and $0.0233. A strong close above $0.0222, supported by rising volume, may signal a price recovery and a potential shift in momentum.
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