FLR Topples Over 6% Amid Heightened Selling Pressure: What’s Next?

FLR prices dropped over 6% on Thursday, keeping the token as one of the front runners in the losers list for the day. With dampened sentiments and excess selling pressure, investors are now wondering if the token will see a green trading session.

FLR Sees Continuous Red Trading Sessions

The past entire week saw FLR trading in negative territory, hurting the trajectory of the token significantly. However, this gloomy session comes after the token saw a good start to the year.

From December to February, the Flare cryptocurrency price increased by over 350%, indicating a bull market. It peaked on February 26, 2024, at a value of $0.056. Bearish momentum resulted from the majority of investors choosing to book profit after the market reached an all-time high.

The purchasers made another attempt to set a new record high at the start of April. However, market bulls were unable to accomplish this and saw the selling pressure increase.

Ever since the April peak failed to provide support to the coin, the prices have been plunging low. The coin is currently trading at $0.02484 down 6.7%, according to data from CoinMarketCap.

Will Flare Rise In Next Week?

As selling pressure mounts up, investors of FLR are concerned about the long-term health of the token. According to pooled analyst data, the upcoming month will see the price of Flare increase by 230.32% to $ 0.082951. Other technical indicators reveal that the mood is currently bearish, and the Fear & Greed Index is at 60 (Greed).

During the previous 30 days, Flare has 11/30 (37%) green days and 3.73% price volatility. Today’s data indicates that there is an overall bearish feeling for the Flare price prediction, with six technical analysis indicators indicating bullish signs and twenty indicating bearish signals.

Given the current bearish trend and the difficulty in maintaining above major moving averages, the Flare (FLR) cryptocurrency price appears to be going through a difficult time.

However, to validate a positive trend, the price must clear significant resistance levels. A prospective increase in trading volume may have a favorable effect on the FLR price, according to the price analysis and trading volume.