On Saturday, FLR jumped from its lowest levels at $0.0145 to reach its highest levels at $0.022, gaining nearly 40% in an instant during the publication of a massive green daily candlestick. Despite a slight retreat, Flare still retains some of its gains and has risen by 27.15% in the past 24 hours to $0.0188 at the time of writing this report, according to the website.
In the past seven days, the FLR token has surged by 31.35%.
These gains achieved in the past 24 hours are significant against the backdrop of other cryptocurrencies, which are currently experiencing significant losses due to profit-taking after the market surge on Saturday.
Flare is ranked as the top daily gainer among the top 100 cryptocurrencies after BitTorrent. While Flare’s performance surpasses other assets in terms of 24-hour gains, the exact reason for the massive increase remains unknown.
Possible reasons for the price surge
A quick look at Flare’s official X handle does not reveal any new announcements that could lead to the price increase. Flare only hinted at a major bullish announcement on December 7.
Furthermore, Flare has onboarded professional infrastructure providers, including Ankr, Figment, Retake, Luganodes, and Northstake, as auditors and data providers for the original network’s oracles.
The prices of FLR somewhat rose in response to this news for two days, with a significant acceleration in the surge on December 9.
While this seems to be the case, there is another potential reason, which is that the surge originated due to a technical breakout.
Flare broke out of the ascending flag, resulting in a significant breakthrough on December 9. Flags are continuation chart patterns that occur after a large upward or downward movement, where buyers or sellers usually pause to catch their breath before continuing to move the price in the same direction.
This happens when more buyers or sellers decide to enter a strong movement, causing the price to break out of the flag pattern.
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