Despite an intense correction phase, FLARE reveals an impressive trend reversal opportunity with a bullish breakout. But will the breakout run sustain momentum to hit $0.020?
Amid the broader market recovery, the bullish attention towards the altcoins is increasing. With multiple coins giving double-digit returns, FLARE prepares for a massive breakout move. Will this breakout result in an 83% rise in the coming weeks?
FLARE’s Falling Wedge Holds the Fate
In the 1-day chart, FLARE reveals a massive high-momentum correction phase in motion. The altcoin’s market value has dropped by 70% since February 2024, dropping prices from $0.052 to $0.01516.
FLARE’s bearish trend forms a wedge pattern in the daily chart with two narrow converging trend lines. This pattern reveals a lack of volatility in the price movement and generally leads to a bullish breakout.
Bulls Reclaiming Shorter Timeframes
In the 4-hour FLARE chart, the bullish chances of reversal are significantly increased compared to the daily chart. Based on the recent correction phase, FLARE highlights a strong resistance trendline at play.
In the recent v-shaped reversal from $0.014, FLARE failed to break past the trendline and the 50% Fibonacci level at $0.01750. This results in a pullback to the $0.01487 support level.
However, the underlying demand at the support level absorbs the incoming supply and defuses the downfall into a sideways consolidation.
Will FLARE Price Hit $0.020?
The 4-hour RSI line reveals a bullish divergence in the consolidation range, supporting the uptrend chances. Thus, the momentum indicator teases a potential Bullish surge to challenge the 23.60% Fibonacci level at $0.01568.
Furthermore, the super trend indicator reveals that the consolidation range has yet to break below the green line, making the pullback an excellent dip to buy.
A bullish breakout of the overhead resistance trend line in confluence with the 23.60% Fib level could result in a massive upside movement in the FLARE prices. Optimistically, the uptrend could reclaim the $0.020 psychological mark and head for the 1.618 Fibonacci level at the $0.02782