- Flare has emerged as one of the top performers in the cryptocurrency market over the past 24 hours.
- FLR experienced a 21% price movement before settling to retain 13% of its gains during the late hours of Thursday.
The Flare (FLR) token surged in value over the past day, even as Bitcoin (BTC) experienced subdued movements amid escalating tensions in the Middle East. Due to its strong fundamentals and growing investor interest, FLR is poised to become a shining star in the impending altcoin season.
Flare (FLR) Performance
Flare stood out today as one of the biggest gainers, climbing 21% from a low of $0.01467 to a high of $0.01782 in the last 24 hours. By 3:30 AM UTC, it maintained a value within the range of $0.016, locking in approximately 13% of its daily gains.
During this surge, FLR attracted significant investor attention. Its trading volume increased by over 305%, with more than $28.093 million worth of the crypto asset changing hands through DeFi wallets. This uptick boosted the market cap of its 48.487 million circulating token supply to approximately $816.49 million.
Flare also demonstrated considerable rebounds on a longer timeline, displaying a 13% increase over the week, 7% over the month, and 54% over the past year. However, FLR remains about 79% lower than its all-time high of $0.0797 reached two years ago.
What Drove Prices Up
The TradingView technical analysis indicated an overall “Buy” signal for Flare. It is important to note that this recommendation was primarily reliant on its key moving average indicators, while its commonly used oscillators showed a “Neutral” evaluation.
Furthermore, the relative strength index (RSI) momentum indicator held steady at 59, suggesting there may still be potential for further growth before reaching the overbought threshold at 70. Conversely, the one-week and one-month moving averages were trending toward “Sell,” a factor for investors to consider when holding the digital asset long-term.
Will Flare (FLR) Shine Brighter in the Altcoin Season?
Flare certainly holds immense potential to become a focal point in the upcoming altcoin season. As investor interest in Bitcoin gradually declines and the leading cryptocurrency loses its market dominance, the altcoins may soon have their opportunity to thrive.
In addition to these macroeconomic factors, the Flare ecosystem is flourishing, reflecting its viability as a long-term investment. It continues to make strides in the adoption of its Flare Time Series Oracle (FTSO) platform, which was launched two years ago.
FTSOv1 was recognized for its reliable pricing data with no downtime. Now transitioning to its second iteration, FTSOv2, it builds upon the solid foundation laid by its predecessor to set a new standard for decentralized data security and management.
Additionally, Flare has recently completed the open beta for its FAssets. This innovative platform aims to provide verifiable economic security for BTC, XRP, and Dogecoin (DOGE), enabling decentralized finance for these non-smart contract tokens within the Flare ecosystem.
FAssets allows users to mint ERC-20 versions of these tokens in a trustless manner, thereby unlocking their DeFi potential within decentralized applications (dApps) on Flare and other compatible networks.
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