Cryptocurrency Flare Drops Below Average Prices, Questioning Whether it Can Maintain $0.0209 Level
In the cryptocurrency market, Flare's price has experienced a decline, trading at $0.02127 - a 2.1% drop in the last 24 hours. This dip can be attributed to bearish technical signals and market disappointment over the restricted token withdrawals from Flare's Learn & Earn campaign.
The immediate support for Flare price stands at $0.0209, with a deeper support level at $0.018. However, if the support levels fail to hold, further downside for Flare price could accelerate. On the other hand, a close above $0.0222, supported by rising volume, may indicate a potential shift in momentum for Flare.
The MACD histogram for Flare currently stands at -0.000382, indicating weakening buying pressure. Similarly, the Relative Strength Index (RSI) for Flare is hovering near 38.8, edging towards oversold territory. These indicators suggest that selling pressure has been dominant in the Flare market recently.
Despite the current bearish trend, the trading volume of Flare has seen a 10.87% increase to $9.18 million, potentially indicating a growing interest in the cryptocurrency. A strong close above $0.0222, supported by rising volume, could offer a base for a potential rebound.
It's worth noting that Flare's price is trading below its 7-day Simple Moving Average (SMA) of $0.0222 and its 30-day SMA of $0.0231. A potential stronger base of support for Flare price is at $0.018.
The "Learn & Earn" campaign with Revolut, initiated by Flare, has been a topic of discussion. Although the exact individual or team behind the campaign and the precise start date are not explicitly mentioned in the available results, partnerships involving Flare and Revolut have been reported.
Flare's market capitalization currently stands at $1.53 billion, a decrease of 2%. The continued holding of Flare above $0.0209 could offer a base for a potential rebound, while failure to hold could raise the risk of a drop toward $0.018. A close above $0.0222 could help the token stabilize and potentially challenge the $0.0233 mark.
In conclusion, Flare's price is currently experiencing a downturn due to bearish technical signals and market disappointment over the restricted token withdrawals from its Learn & Earn campaign. However, with increased trading volume and the potential for a base at $0.0209, there is a chance for a rebound in the near future.
