Flare’s price (FLR) has been range-bound between $0.01480 and $0.01700. However, recent data suggests that a breakout is imminent. In the past 48 hours, the token has risen over 12% with a surge in trading volume of over 220%. Open Interest (OI) has also increased, indicating that investors are taking long positions.
On-chain data further supports the possibility of a breakout, as volatility has suddenly spiked. On the daily chart, Flare has bounced off the range low and climbed above the 20-day EMA, signaling accumulation by buyers. It is trading at $0.01687, with a market cap of $7961.6 million.
Analysts, such as @ZeroHedge, have identified Flare’s potential for a range breakout. A close above the neckline would be ideal for confirming this breakout. A daily close above $0.01700 would unlock the next bullish leg toward $0.0200.
Technical indicators also support a bullish stance. The RSI line has shown a positive divergence and the Chaikin Money Flow (CMF) index indicates a surge in buying momentum.
In terms of on-chain activity, Flare’s total value locked (TVL) has seen a significant increase, reflecting investor confidence. The TVL currently stands at $15.11 million. Additionally, there has been a spike in price volatility and trading activity, as indicated by data from Santiment.
The social volume has also increased, with more online discussions about FLR. The long/short ratio suggests a bullish sentiment, with more long positions being added to the market. Open Interest has surged by over 13.20% to $3.20 million in the past 24 hours.
If Flare’s price holds above $0.01630, a steady rise and breakout could be triggered. Resistance points are located at $0.01700 and $0.01820. On the other hand, if the price fails to hold at $0.01580, the token might reach the lower range levels at around $0.01450 and $0.01370.