Flare (FLR) has experienced a remarkable rally over the past two weeks, gaining 73% and breaking through long-standing resistance levels. The question now on traders’ minds is whether FLARE can continue its upward momentum and break the key psychological mark of $0.025, potentially surging an additional 85% to reach the next major resistance at $0.03820. Let’s dive into the technical analysis to see if this bull run has the legs to continue.

FLARE’s Recent Bullish Surge

FLARE’s recent performance highlights a shift from a long-term downtrend to a new bullish phase. After a dramatic drop of nearly 80% from its 52-week high of $0.056 to a low of $0.01198, FLARE has been on a powerful rebound. This recovery has seen the altcoin soar past critical resistance levels, including the $0.020 psychological barrier, marking a 73% increase in just two weeks.

The bullish momentum is further confirmed by FLARE’s break above its long-term resistance trendline, which has been a key hurdle for the asset. The altcoin is currently testing the 38.20% Fibonacci retracement level at $0.02123, but traders are closely eyeing the next key resistance at $0.025.

Key Technical Indicators

1. Moving Averages (SMA): One of the standout features in FLARE’s chart is the bullish engulfing candles that have propelled the price above the 200-day SMA. This breakout is a strong signal of a trend reversal, with potential for the 50-day and 100-day SMAs to cross over bullishly. This would reinforce the uptrend and increase the likelihood of further price appreciation.

2. MACD (Moving Average Convergence Divergence): The MACD indicator is showing promising signs of continued bullish momentum. Two consecutive bullish engulfing candles have led to positive histograms on the MACD, suggesting that the momentum could carry the asset further up. The MACD and its signal line are both pointing in a bullish direction, adding strength to the bullish outlook for FLARE.

3. Fibonacci Levels: FLARE’s price action is currently testing the 38.20% Fibonacci level at $0.02123, with a breakout above this point expected to push the price to the 50% Fibonacci level at $0.025. If FLARE can break this resistance, the next target becomes the 78.60% Fibonacci level at $0.03820, marking an 85% potential upside from its current price of $0.02096.

Support and Resistance Zones

As FLARE’s price continues to trend upward, key support levels will be essential in determining if the rally has staying power. The 23.60% Fibonacci level at $0.01717 remains a strong support, with the altcoin likely to find buyers in this range if the uptrend stalls.

The $0.025 resistance zone is critical for FLARE’s continued rally. A successful breakout above this level could see the asset testing new highs near the $0.03820 target, providing an 85% potential surge from its current price.

Conclusion

FLARE’s recent price action has placed it firmly in a bullish trend, with a breakout above key resistance levels signaling further gains. As the price eyes the $0.025 psychological level, the technical indicators suggest that FLARE could potentially surge to the 78.60% Fibonacci level at $0.03820, representing an 85% upside.

For now, traders should keep a close watch on FLARE’s ability to maintain momentum above $0.020 and break through $0.025. If this occurs, the altcoin could set its sights on higher targets in the near future. However, failure to maintain support at $0.01717 or a rejection at $0.025 could lead to a pullback, requiring careful risk management for traders.