• Flare crypto bulls attempted a breakout but faced rejection.
• The clues from the volume trends showed a sustained upward move and recovery was yet unlikely.

Flare [FLR] has been trading within a range since early August. This range extended from $0.0143 to $0.0167, with the mid-point at $0.0155. The token saw a strong surge in trading volume on the 2nd of October.

This surge came alongside a sharp hike in prices. FLR rocketed from the range lows to achieve a breakout on the same day but has been forced to drop lower since then.

Range breakout was denied emphatically

This price drop measured 12.42% from the local high of $0.018. It took FLR back into the range formation, retesting the mid-range level as support.

AMBCrypto looked at the A/D indicator to see if the price trend was likely to resume its upward impulse.

The A/D has slowly fallen since mid-August. The surge on the previous day was unable to break the highs from August.

The clues from this volume indicator were bearish – Flare is likely not gearing up for a recovery toward the March levels.

The attempted range breakout can be classed as a failure since the range highs were not flipped to support.

It is possible FLR bulls can achieve this in another try, but traders and long-term holders need to remain cautious until the volume indicator trends upward.

Social activity swells following price activity

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Author: Akashnath S

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