FRR Crypto gathered for the third consecutive day after reports from a partnership with Uphold to introduce XRP deployment via the Flare Network.
According to data from crypto.news, Flare (FLR) rose by 12% to an intraday height of $ 0.0198 on 2 June, which resulted in the year-to-date profit at the time of writing more than 72%. Market capitalization was $ 1.25 billion, while the daily trade volume increased by 160% compared to the previous day.
The rally also seems to sign in derivatives traders. Open interest in FLR -Futures climbed by 12% to $ 4.8 million, the highest since 23 May, while traders moved to take advantage of recent price momentum.
The buy-to-short ratio was 1.06, with slightly more long positions than shorts, pointing to a light bullish tilt in market positioning.
The recent increase in the momentum followed after Flare announced A partnership with Global Multi-AST Trading Platform, Uphold. Through this collaboration, the two entities are able to enable users to earn yields on their XRP -Holdings by using the smart contract infrastructure of Flare.
For the context, the Fassets protocol of Flare Non-Smart contract activa such as XRP, Bitcoin or Dogecoin makes it possible to be displayed on the Flare network as a smart contract-compatible tokens. This enables this assets to participate in Defi applications, such as deploying and loan options that they do not support native.
With the Mainstet launch of Fassets on the Horizon, the partnership lays the foundation for XRPFI, a Defi -Ecosystem built around XRP. If it is successful, it can open brand new yield options for XRP holders, in particular those who use Uphold, while at the same time stimulating Flare’s network activity, liquidity and adoption.
FLR -Price analysis
On the daily FLR/USDT graph, the token broke out from the upper limit of a bull flag pattern that had formed since the beginning of May, a classic bullish follow -up set -up.
FRR also holds up above its 50-day advancing average, which starts to turn up. If it crosses the 200-day SMA, it would cause a Golden Cross, often seen as an important bullish signal.
The MACD indicator leans Bullish, with the MacD line (blue) on the edge of intersection above the signal line (orange), another potential buying trigger.
In the meantime, the Supertrend -indicator has become green and shifted under the current price of FLR, a signal traders often consider confirming that token is and can continue to rise in an upward trend if the purchasing pressure applies.
With all these signals in line, the following likely target for FLR is around $ 0.024, which would mark a profit of 26% from the current levels and a row with the 50% Fibonacci retracement zone.
If the bullish momentum keeps track of, especially with a Golden Cross, a run to $ 0.034 is possible, which would test FR again in December 2024 High.
At the time of the press, FLR Trending was on Google when the interest in the retail trade climbed after the flare and standing partnership. This increase in attention can attract more buyers, so that prices can be stimulated higher.
On the contrary, a drop below $ 0.016 could make the current setup invalid, which would push FLR back down to the support level of $ 0.011, an area where buyers entered earlier.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
