- The RSI is currently at 67.13, approaching over -opening levels.
- The impressive oscillator became positive for the first time since January.
- FLR exceeded the resistance at $ 0.016.
FLARE (FLR) has emerged as one of the most performance cryptocurrencies in the Altcoin market this week, increasing 57% in the last seven days to reach a new local maximum of $ 0.018, quoting at $ 0.017 at the time of writing this article.
Fountain: Coinmarketcap
The movement marks a continuous bullish trend that began on April 9, with FLR registering new daily maximums every day since then.
Key technical indicators such as the relative force index (RSI) and the Awesome oscillator (AO) now suggest that the strong purchase activity continues to exceed the sale pressure.
However, with the levels of the RSI approaching the territory of overblain, analysts warn that a setback could be on the horizon if the profits intensifies.
The RSI in 67 shows a strong purchase trend
Flare’s relative force index is 67.13 at the time of writing this article, approaching the 70 key brand that normally indicates overcompra conditions.
The RSI indicator tracks the impulse comparing the magnitude of recent profits and losses during a given period, on a scale of 0 to 100. A RSI greater than 70 usually suggests that an asset could be overcompared and corrected soon, while values below 30 indicate otherwise.
The RSI Alcista de Flr suggests that buyers dominate the market, reflecting a sustained interest in the asset. Although it has not yet exceeded the threshold of 70, its current value indicates that Flr is close to a possible turning point.
If the current impulse continues, the RSI could soon confirm an overstrust signal, increasing the probability of a short -term price drop.
Ao gives positive for the first time in two months
Adding to the bullish feeling, Flare’s impressive oscillator became positive for the first time since January 26.
The AO consists of histogram bars that measure the difference between a simple mobile average of 5 periods and one of 34 periods, which provides information on market trends and reversions.
The bars recently exceeded the zero line and continued to grow in height, indicating an increase in the positive impulse of the market.
When the AO bars exceed zero, it usually indicates an upward trend. In the case of FLR, the constant growth of these bars implies that an upward conviction in the market is being consolidated.
This technical development supports the idea that FLR’s recent profits are not only short -term peaks, but part of a broader upward trend promoted by the improvement of the feeling of investors.
The price exceeds the resistance of $ 0.016 and points to $ 0.021
Flr’s recent rebound led him to exceed the resistance of $ 0.016, a price that had previously limited the upward movement. Staying above this level is considered a critical factor to determine if the rebound can extend.
If $ 0.016 remains new support, analysts suggest that the Altcoin could rise even more to test the following key resistance at $ 0.021. However, the possibility of a short -term gains taking could question this upbeat.
A renewed saleswoman wave could push FLR again below $ 0.016 and around $ 0.010, especially if the RSI crosses over overcompra territory and market participants seek to ensure profits.
Technical signals support short -term profits
In general, FLR technical indicators remain mostly positive. The combination of an upward MSI, a positive Crossing of AO and a break above the previous resistance levels points to a continuous alkist impulse in the short term.
However, operators are recommended to closely monitor the RSI. A movement above 70 could indicate that a correction is coming, especially if the volume begins to fall or if the candle patterns suggest doubts among the buyers.
At this stage, FLR’s ability to consolidate above $ 0.016 will probably determine the following phase of its price action.
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