Flare (FLR) Price Analysis: Range Breakout Was Denied Emphatically, But Bulls Can Try Again

Flare [FLR] has been trading within a range since early August. This range extended from $0.0143 to $0.0167, with the mid-point at $0.0155.

Flare (FLR) has seen little price action since early August. This sideways movement occurred within a range bound by $0.0143 and $0.0167, with the mid-point at $0.0155. However, FLR saw a strong surge in trading volume on 2 October.

This surge was accompanied by a sharp hike in prices. FLR rocketed from the range lows to achieve a breakout on the same day but was forced to drop lower since then.

This price drop amounted to 12.42% from the local high of $0.018 and brought FLR back into the range formation, retesting the mid-range level as support.

To gauge whether this price trend was likely to resume its upward impulse, AMBCrypto checked the A/D indicator.

The A/D has seen a slow decline since mid-August. Despite the surge on the previous day, the indicator was unable to break the highs from August.

The evidence from this volume indicator appeared bearish- FLR is likely not preparing for a recovery toward the March levels.

The attempted range breakout can be considered a failure since the range highs were not flipped to support. FLR bulls may be able to achieve this in another attempt, however, traders and long-term holders should remain cautious until the volume indicator trends upward.

Social activity swells following price activity

The weighted sentiment surged higher, reaching levels last seen in January. This indicated highly positive social media engagement after the Flare range breakout.

The social volume also saw a noticeable growth.

However, the development activity has trended lower in recent weeks and is significantly lower than the highs it maintained in July and September. This may be a cause for concern for long-term investors.

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