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FLR Token Technicals Look Bullish As Market Volume Spikes Post Partnership Announcement
FLR Token – Flare’s native token, FLR, is showing early signs of a bullish breakout following a notable partnership with NASDAQ-listed VivoPower International, a multinational sustainable energy company. This collaboration, announced on June 11 via Flare’s official X account, aims to generate yield on VivoPower’s XRP holdings, marking a key step in Flare’s institutional adoption journey.
Partnership Details Boost Institutional Appeal
VivoPower plans to deploy $100 million worth of XRP through Flare’s native protocols like Firelight, reinvesting generated income back into its core XRP holdings. This strategy is designed to create a “perpetually compounding and capital-efficient” treasury, showcasing Flare’s potential to provide real-world, institutional-grade utility for XRP assets.
The partnership emphasizes the growing relevance of Flare’s FAssets system, which enables non-smart contract tokens such as XRP to interact seamlessly with DeFi protocols while maintaining their original security features.
Price Performance and Market Activity
Despite the promising news, FLR recorded only a modest price increase of 5.5%, hitting an intraday high of $0.0192 before settling near $0.0188. Its market capitalization currently stands at approximately $1.27 billion, while daily trading volume surged over 120%, signaling increased market interest and activity.
Technical Analysis: Signs of Upward Momentum
From a technical standpoint, FLR is trading within an ascending parallel channel formed since June 5. A breakout from this channel could trigger a sustained upward trend. Notably, the 20-day and 50-day simple moving averages (SMA) have formed a golden cross, a classic bullish signal.
Momentum indicators, including the MACD and RSI, are trending upwards, reinforcing the positive momentum. The next critical resistance level is near the $0.02 psychological mark, coinciding with the 61.8% Fibonacci retracement level. A confirmed breakout above this zone could validate the bullish pattern and drive further gains.
Potential Support Levels
Conversely, if FLR price experiences a pullback, immediate support is expected near $0.0185. A sustained drop below this could invalidate the bullish setup and lead to a retest of the 50-day SMA around $0.0181 before any recovery attempt.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
[…] $0.144 support, which has withstood several tests. A verified reversal signal is not displayed by momentum indicators. Reduced volume amid attempts at recovery emphasizes the lack of long-term buying […]