Flare's native token, FLR, experienced a significant surge, becoming the top gainer among the top 100 cryptocurrencies. Over the past 24 hours, the price of FLR climbed nearly 10%, approaching a key resistance level.
This price increase follows Flare's announcement on Sunday, June 1, regarding a significant update related to XRP. The update allows exchanges to offer XRP holders access to high-yield DeFi opportunities via the Flare network.
Technically, FLR's price is on the verge of breaking above the upper trendline of a symmetrical triangle since January 30. The Chaikin Money Flow (CMF) reading has increased to 0.05, indicating dominant buying pressure, which could drive FLR's price toward the upper-level resistance at $0.027.
On the 4-hour chart, FLR's price printed four consecutive green candlesticks to hit $0.016, breaking past the upper trendline of the descending channel. The Money Flow Index (MFI) has hit 76.11, indicating notable capital inflow into the cryptocurrency.
If this trend continues, Flare's price might break the resistance at $0.022, with the next target potentially at $0.028, near the 0.236 Fibonacci level. However, a drop in demand could see FLR's price fall towards $0.016.