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Flare (FLR) price outlook looks bearish from a broader outlook, treading close to its floor price. However, the support floor at $0.01096 appears to be holding, with one technical indicator suggesting bullish momentum may be underway for FLR.

Flare Provides Launchpad For Web3 Social Network

In a recent announcement, the Flare ecosystem provided a launchpad for a Web3 social network, FLR Chat. This allows community members to post messages with the network, incentivizing users with NFT minting opportunities.

FLR Chat is live! 🔥
Introducing https://t.co/C6vzsd73Ho – web3 social network on @FlareNetworks ☀️
Post your first message today! 😎 pic.twitter.com/bFdR05jQqc
— FLR.Chat | .flr domains ☀️ (@flrdomains) September 20, 2023

The bullish indications can be attributed to users looking to capitalize on these incentives as it is unique for FLR holders or community members. Around this news, the Parabolic SAR indicator has flipped from resistance to a support level at $0.01097, increasing the upside potential for Flare price.

The histogram bars of the Awesome Oscillator are also green and edging toward the positive side, suggesting bulls are flocking to the scene. Increased buying pressure above current levels could see the Flare price rise, with the first formidable resistance at $0.01254, the confluence between the 50-day Simple Moving Average (SMA) and the horizontal line. This area also marks a supply zone, where sellers abound, which explains the recent rejection.

A decisive break and close above $0.01254 would solidify the bullish thesis, considering this is the last higher high, where FLR was rejected in the last attempted move north. If the supply zone fails to hold as a resistance order block, breaching it and transforming it into a bullish breaker would clear the path for more gains.

In a highly bullish case, Flare price could shatter past the 100- and 200-day EMA, clearing the way for a confrontation with several other roadblocks in its rally to the $0.05000 target. For now, however, investors should watch for a strong move above the $0.01709 resistance level for confirmation.

TradingView: FLR/USD 12-hour chart

Conversely…

Meanwhile, the Relative Strength Index (RSI) is tipping south, suggesting falling momentum as profit takers pull the trigger. Increased seller momentum could deliver FLR below the $0.01097 support floor, with the potential of a new uptrend commencing after a liquidity sweep.

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