Flare (FLR) Blockbuster Comeback With 24% Daily Surge; What Next?

• Flare is witnessing extreme bullish momentum at the daily technical chart, having surged by almost 24% in the last 24 hours.
• FLR daily trading volume increased by a whopping 424% indicating buying momentum.

Flare (FLR) has shown more than impressive technical power in the recent trading sessions, managing to break above key EMAs and set a clear bullish trend. As per the CMC data, the altcoin is already trading at $0.02633 with 24% intraday gain, which is a very strong recovery after the lows, and it is ready to experience another upside momentum.

The price action shows a very strong bullish story since FLR has clearly surpassed its 50-day EMA at $0.01869 and the important 200-day EMA at $0.01850. This is a very important breakout above the 200-day EMA, and it can be an indication of the shift of the long-term sentiment towards bullish. The 200-day EMA now acts as the main support at the price of $0.01869, which is a good foundation of the current rally.

The bullish argument is well backed by technical indicators. RSI of 84 shows strong momentum, but it is getting close to the overbought region, which traders should watch out for. This high RSI value indicates a high buying pressure but also should be taken with caution because it can indicate a possible pullback or consolidation period in the short term.

What Next For Flare Price?

Source: TradingviewMACD indicator has become positive, which proves the shift in the bullish momentum. This crossover and the widening histogram indicate that the upward momentum is increasing. The bullish setup of the MACD is also a good indication that the current rally is not a temporary bounce but has a good underlying strength.

The social sentiment analysis shows that there is a better perception of Flare in the market, and this is usually a driver of prolonged price changes. The optimism may bring more retail and institutional interest, which may drive the price up further.

Price-wise, the short-term resistance is at $0.03287, which translates to about 25% gain on the current price. This resistance area will be key to watch because a break above it would be a key to even higher targets.

The bullish setup does not make risk management unnecessary. The 200-day EMA at $0.01869 is a new support, and any firm break below this will negate the bullish argument. This level should be used by traders as a reference point for stop-loss and continue being exposed to the upside potential that the current technical configuration implies.

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