Is Flare (FLR) Poised for More Gains After an 18% Rally？

• Flare gains over 18%, trading at $0.02839.
• FLRs daily trading volume has surged by over 467%.

As November is closing, the altcoin market rallied with major tokens like ETH, SOL, XRP, ADA, and DOGE surging with notable returns. However, the anticipation of the altcoin season escalates with Ethereum hitting $3.7K.

However, Flare (FLR) rallied by an 18.20% surge and currently trades at $0.02839. The tokens market cap has reached $1.50 billion, with its daily trading volume reaching $89.41 million. Flare chose to trade on the upside. With its bullish trajectory, FLR visited its daily high of $0.03141 from a low of $0.02349.

Zooming in on the monthly price chart, Flare has gained over 108%. The month began trading at $0.01345. Eventually, it ascended to a mid-week high of $0.02398 and continued to date.

Can FLR Climb Higher？

The four-hour price chart of the Flare exhibits the assets current bullish momentum. If the altcoin continues to trade in the bullish territory, it could push the price toward the $0.03216 mark. Besides, FLR has the potential to climb higher if the major resistance is broken.

Looking at the downside, if Flare‘s upward trajectory vanishes, a potential downside correction might unfold to test the support at the $0.024 level. The crucial moves of FLR will decide the asset’s further recovery or decline.

Flares daily frame exposes the short-term 9-day moving average above the long-term 21-day moving average. Moreover, the ongoing market sentiment of the asset is in the overbought zone, inferring the buying momentum is strong, as the daily relative strength index (RSI) is settled at 70.53.

The technical indicators of FLR exposed the positive sentiment with the Moving Average Convergence Divergence (MACD) line crossing the signal line. It indicates the building of upward momentum in the market.

In addition, the Chaikin Money Flow (CMF) indicator is settled at 0.02, suggesting a brief positive money flow within the market. Meanwhile, the assets daily trading volume has increased by over 467%.