FLR Surges 19% in 24 Hours, Hits New Weekly High at $0.018

Layer-1 (L1) coin FLR has experienced a significant surge, climbing 19% over the past 24 hours, making it the top gainer in the crypto market. This rally has pushed FLR’s price to a new weekly high of $0.018, marking a 57% increase over the past seven days. The coin has been making new daily highs since April 9, indicating strong bullish momentum. The Relative Strength Index (RSI) for FLR, which is currently at 67.13, confirms this positive outlook. The RSI measures an asset’s overbought and oversold market conditions, ranging between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound. At 67.13, FLR’s RSI indicates that buying pressure significantly exceeds selling activity among its spot market participants, suggesting there is still room for further gains before the altcoin becomes overbought and due for a correction.

Additionally, the histogram bars that make up FLR’s Awesome Oscillator (AO) have flipped above the zero line for the first time since January 26 and continue to grow taller. This reflects the strengthening bullish sentiment amongst FLR holders. The AO indicator measures an asset’s market trends and potential reversals. It comprises a histogram bar chart that visually represents the difference between a short-term and long-term moving average. When the bars are below zero, it suggests that short-term momentum is weaker, indicating bearish pressure. Conversely, when the AO bars flip above the zero line and continue trending upward, it signals that bullish momentum is not just present but also growing. This hints at further price gains for FLR if other market conditions align.

FLR’s double-digit rally over the past day has pushed its price above the key resistance formed at $0.016. Should this price point offer a strong support floor for FLR, it could extend its gains and climb to $0.021. However, a resurgence in profit-taking activity will invalidate this bullish projection. In that case, the altcoin’s price could break below $0.016 and fall toward $0.010.