Flair crypto bulls attempted a breakout but faced rejection. Clues from the volume trend point to a sustained uptrend, with a recovery still unlikely.
Flair (FLR) has been trading in a range since early August. This range extended from $0.0143 to $0.0167, with the midpoint at $0.0155. This token experienced a significant spike in trading volume on October 2nd.
This increase occurred along with a sharp increase in prices. FLR achieved a breakout by surging from the lows of its range on the same day, but has been forced to decline since then.
Range breakout firmly ruled out
Source: FLR/USDT on TradingView
This price decline represented a 12.42% decrease from the local high of $0.018. I moved FLR back into range formation and retested midrange levels as support.
AMBCrypto looked at the A/D indicator to see if the price trend is likely to resume its upward impulse.
A/D has been slowly decreasing since mid-August. The previous day’s rise failed to break the highest price since August.
The cues from this volume indicator were bearish. Flair is probably not poised for a recovery towards March levels.
The attempted range breakout can be classified as a failure because the range high was not reversed to support.
It is possible that FLR bulls can achieve this with another try, but traders and long-term holders should remain cautious until the volume indicators start trending higher.
Social activities expand as prices fluctuate
Source: Santimento
Weighted sentiment soared to its highest level since January. This reflects the extremely positive social media engagement following Flair Range’s breakout.
Realistic or not, FLR’s market cap in BTC terms is:
Social volume also increased noticeably.
Development activity has been trending downward in recent weeks and remains well below the highs held in July and September. This may be a concern for long-term investors.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.
Next: Franklin Templeton proposes integration of Bitcoin and Ethereum ETFs: What’s going on?
Source link
