FLR, the native token of Layer-1 Blockchain-Flare, shows early signs of a bullish breakout after his partnership with a Nasdaq-Gentered company.
In a post of June 11 on X, Flare announced That it cooperates with Vivopower International, a multinational sustainable energy company, to generate the XRP companies from Vivopower.
Vivopower will initially use $ 100 million XRP through Flare’s native protocols such as Firelight, and reinvest that income in his core XRP interests to create a “constantly composite and capital-efficient” treasury.
For Flare, the partnership is an important milestone in demonstrating the ability of the network to support the usefulness of institutional quality for XRP.
The collaboration also emphasizes the growing relevance of Flare’s wider infrastructure, in particular the fass system, so that non-Smart contract tokens such as XRP can communicate with Defi protocols while retaining their native security models.
Despite the positive news, Flare (FLR) registered only a modest price movement and won 5.5% to reach an intraday height of $ 0.0192 before he settled at $ 0.0188.
At the time of the press, market capitalization was around $ 1.27 billion. However, daily trade volume increased by more than 120% compared to the previous day, which indicates increased market activity and growing interest.
FLR -Price analysis
From a technical perspective, FLR seems to act within an rising parallel channel that has been forming since 5 June. An outbreak of this structure could be the stage for a persistent upward move.
The simple moving averages of 20 days and 50 days have formed a Golden Cross, a classic signal that suggests that the upward momentum can build. Momentum indicators such as the MacD and RSI are also trending upwards, which further supports the positive prospects.
If the Bullish Momentum continues, the following key resistance is near the psychological level of $ 0.02, which also corresponds to the 61.8% Fibonacci retracement level. A confirmed outbreak above this zone can validate the pattern and the fuel profit.
Conversely, if it withdraws, support is expected near the level of $ 0.0185. A persistent drop under this threshold could disprove the upward setup and lead to a retest of the 50-day SMA around $ 0.0181 before a potential recovery.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
