Table of contents
The bullish reversal in FLM prices comes with the consolidation range breakout and projects a price jump to the $0.16 mark.
Key technical points:
The FLM market price has increased 12% over the past 24 hours.The price action shows a bull run surpassing the 50-day SMA.The 24-hour trading volume of Flamingo is $24.14 Million, indicating a hike of 75%.
Past Performance of FLM
The FLM/USD technical chart shows a consolidation range between the $0.086 and $0.11 marks after the 55% downfall from May 5th to May 12th. However, the 20% bullish surge breaks above the consolidation range and shows a post-retest reversal that surpasses the 50-day EMA. Moreover, the bull run approaches the overhead resistance of $0.135 with an increased likelihood of a bullish breakout.
FLM Technical Analysis
The buying pressure has declined since the surge we noticed on June 8th, but the lower price rejection in the daily candle pushes the FLM prices higher. Hence, traders can shortly find another breakout entry opportunity as the market value inflates to surpass $0.135. The crucial Simple Moving Averages: 50(red), 100(orange), and 200(black)-days remain in a bearish alignment and a declining trend. However, the 50-day EMA breakout increases the likelihood of a price jump to the 100-day EMA
The MACD and signal lines display an uptrend with an increasing bullish spread and crosses above the zero line in the daily chart. Moreover, the rising trend in the bullish histograms shows a rise in buying pressure. The RSI indicator indicates an inclining trend soon to reach the overbought threshold as it crosses below the halfway line. Therefore, the technical indicator shows an increase in buying pressure and teases a bull run in FLM prices.
The bullish breakout of the $0.135 will increase the buying pressure fueling the uptrend in FLM prices to reach the $0.16 mark.
Resistance Levels: $0.135 and $0.16
Support Levels: $0.11 and $0.086