- Flare’s price surged 16%, defying bearish market conditions.
- Total Value Locked (TVL) nears all-time high, boosting investor confidence.
Despite an anticipated bullish “Uptober,” the cryptocurrency market has taken a bearish turn, with the global market cap down 2% and trading volume plunging 21%. Top cryptocurrencies are feeling the pressure, with Bitcoin down 3% and Ethereum facing a 6% dip. However, Flare (FLR) has defied the trend, experiencing a 8% surge, trading at $0.01747. The token’s market cap also increased by 8% to $846K, with a trading volume spike of 386%. It reached a three-month high of $0.01808.
Flare’s performance has caught investors by surprise, especially as the token had been consolidating for over a month. The total value locked (TVL) in Flare surged to $16.6 million, approaching its all-time high (ATH) of $16.85 million, reflecting strong network fundamentals and growing investor confidence.
Moreover, the bullish sentiment is further supported by technical indicators. The Chaikin Money Flow (CMF) plotted a reading of 0.15, signaling an influx of liquidity into the market. Analysts believe FLR has bottomed out and may be on the verge of a breakout. It has been in a tight range for two months.
Positive sentiment continues to build, with experts forecasting a potential surge if investor interest remains strong. One crypto analyst tweeted that FLR’s momentum could lead to a significant price increase, with potential for a bullish reversal in the coming sessions.
What is FLR’s Next Resistance?
On the technical front, FLR’s 9-day Exponential Moving Average (EMA) sits at $0.01588, with a neutral Relative Strength Index (RSI) of 53. Resistance stands at $0.01935 and $0.02105, with support at $0.01204.
Onlookers are now focused on whether Flare can sustain this upward trajectory or face a pullback, as the broader market remains unpredictable. Traders are urged to watch for any shifts in momentum as FLR navigates critical resistance levels.
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