Flare (FLR) rises by 57%in a week, while technical indicators are overbought

Flare (FLR) rises by 57%in a week, while technical indicators are overbought

• RSI is currently 67.13 and is approaching overbought levels.
• The Awesome Oscillator has turned positive for the first time since January.
• flr has overcome the resistance at $ 0.016.

Flare (flr) this week has proven to be one of the strongest performers in the Altcoin market, with an increase of 57 % in the last seven days to reach a new local high of $ 0.018; At the time of writing it is traded at $ 0.017.

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Source: Coinmarketcap

The climb marks a continued bullish rally that began on April 9, whereby FR has reached new daily highs every day.

Important technical indicators such as the relative strength index (RSI) and the Awesome Oscillator (AO) now indicate that strong purchase activities continue to exceed the sales pressure.

However, since the RSI levels reach the overbought areas, analysts warn that a reset could be on the horizon if the profit performers increase.

RSI at 67 shows strong purchase trend

The relative strength index of Flare is 67.13 at the time of writing and approaches the key brand of 70, the typically overbought conditions.

The RSI indicator follows the momentum by comparing the extent of the latest profits and losses over a specified period of time, on a scale of 0 to 100. An RSI often indicates that an asset could be overbought and soon corrects the opposite Show.

The upward RSI from FlR indicates that buyers are currently dominating the market, which reflects the continued interest in the asset. Although it has not yet exceeded the threshold of 70, the current value indicates that Flr is approaching a potential turning point.

If the current momentum stops, the RSI could soon confirm an overbought signal, which increases the likelihood of a short-term price drop.

AO is positive for the first time in 2 months

In addition, the Awesome Oscillator from Flare has turned positive for the first time since January 26th.

The AO consists of histogram bars, which measure the difference between a 5-period and a 34-period average and give insight into market developments and reversal.

The beams have recently increased via the zero line and have continued to increase, which indicates an increase in the positive market moment.

If AO-Balkken increase over zero, this typically indicates a strengthening trend. In the case of FLR, the constant growth of these beams implies that a bullish conviction in the market is formed.

This technical development supports the assumption that the latest profits from FLR are not only short-term tips, but also part of a wider upward trend that is driven by improving investor's mood

Price breaks $ 0.016 resistance, looks at $ 0.021

The youngest rally from FLR managed to break the resistance level at $ 0.016, a price point that had previously limited the upward movement. Staying above this level is considered a decisive factor to determine whether the rally can be continued.

If $ 0.016 holds as new support, analysts suggest that the old coin could continue to rise to test the next important resistance at $ 0.021. However, this bullish prognosis could challenge the possibility of short -term profit.

A new wave of sales could possibly push again under $ 0.016 and towards $ 0.010, especially if the RSI transferred to overbaufed territory and try to secure profits.

Technical signals support short-term profits

Overall, the technical indicators for FLR mostly remain positive. The combination of an increasing RSI, a positive AO crossover and the outbreak via previous resistance levels indicates continued bullish momentum in the short-term area.

dealers should monitor the RSI carefully. A crossing of 70 could indicate that a correction is due, especially if the volume begins to decrease or candle patterns on hesitation to buyers.

In this stage, FLR's ability to consolidate itself over $ 0.016 will probably determine the next phase of its price movement.

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