Today FR formed a god-candle and broke out of his downtrend of several months in the midst of investor hype around a coming upgrade to the network.
Flare (FLR) gathered 51.8% to an intraday height of $ 0.0167, while he brought his market capitalization to more than $ 927 million from the moment of press. The rally came together with an increased trading activity, in which its daily trade volume increases by 622% to more than $ 52.5 million, while an open interest in his futures market was 50% higher at $ 3.11 million.
FR gathered after the flare network developers teasing an upgrade called Flare 2.0.
According to an official after By explaining the update, the goal is to expand the consensus layer of Flare over multiple chains, not only by bridging assets, but also by making actual control at protocol level on other chains possible through a new system called Protocol Managed Wallets.
According to the announcement, things that are immediately built on the new architecture, including Activa V2, with which users can bring tokens such as XRP, BTC and Doge into Defi without brutal risk, and XRP deployment, allowing XRP holders to earn a yield by contributing to Flare-based services.
An official rollout date for the upgrade still has to be announced, but the community seems to be praising early in the potential impact.
Stretched by raised interest from traders, FLR also started trending on Google, which reflects the growing attention of the retail trade. According to data from Santiment, the weighted social sentiment from the token to positive has been turned, which is usually a sign that the community becomes more optimistic about the short -term prospects of FLR.
The Rally from FLR was further supported by an improved risk sentiment in wider markets, according to the news that the US had paused the aggressive tariff policy for a period of 3 months while the mutual rates were lowered to 10%.
The crypto market capitalization recovered earlier today by 5% to more than $ 2.68 trillion. Major Altcoins such as Ethereum (ETH), XRP (XRP), Solana (SOL) and Dogecoin (Doge) registered profits ranging between 7-10%.
Flare price analysis
Technical indicators show a positive view of FLR in the short term.
On the daily period of time, FLR recently tested the upper limit of a falling parallel channel pattern that the Altcoin had kept in a falling trend since the beginning of December last year.
In technical analysis, a strong break of the top of such a pattern usually leads to more persistent profits in the following days.
The MACD line has been crossed above the signal line, another sign of a reversal in trend. In the meantime, the relative strength -index above the neutral point has been moved to 52, which means that the purchasing pressure starts to refuse against the sale, so that further confirmation is added to a potential FLR outbreak.
The next likely target for FLR is $ 0.0314, the annual high, a break above which could help bulls to challenge the psychological resistance level of $ 0.035 that it could not break in December last year.
However, a break under the bottom of the aforementioned pattern can make the current bullish setup invalid, which may activate a correction to the $ 0.012 – $ 0.011 support zone.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
