Flare (FLR) Soars 40% on Google Partnership News, Can the Rally Hold?

Flare Network (FLR), a smart contracts platform aiming to bridge the gap between Ethereum and other blockchains, saw its native token FLR surge a staggering 40% this past week. This dramatic price jump coincides with the announcement of a strategic partnership with Google Cloud, fueling investor optimism and sending FLR to its highest price since November 2022.

Flare & Google: A Match Made in the Cloud?

The crux of the partnership lies in leveraging Google Cloud’s infrastructure to improve the scalability and security of Flare’s network. Google will provide data storage and compute resources, enabling Flare to process transactions faster and handle more users. This collaboration holds significant potential for wider adoption and mainstream accessibility of the Flare Network.

Confidence Boost & Market Speculation for Flare Network

The Google partnership undoubtedly instilled confidence in investors, particularly institutional players seeking secure and reliable blockchain solutions. The news likely amplified existing bullish sentiment surrounding Flare, which had already been gaining traction due to its unique bridging technology and focus on interoperability. Additionally, speculation around potential future use cases within Google’s vast ecosystem might have further fueled the buying pressure.

FLR/USD Technical Analysis: Can FLR Maintain Momentum?

While the past week’s gains are impressive, caution remains crucial for traders considering entering the FLR market. A technical analysis reveals:

• Current price: $0.03
• Resistance levels: $0.025, $0.030, $0.035
• Support levels: $0.018, $0.015, $0.012
• Moving averages: The 50-day MA is currently at $0.017, indicating potential support. The 200-day MA is at $0.013, acting as a strong long-term support level.

Overall, the recent rally has pushed FLR into overbought territory according to the Relative Strength Index (RSI). While the Google partnership is undoubtedly positive news, short-term profit takers might emerge, leading to a pullback. However, if FLR breaks above the $0.025 resistance, it could signal further upside potential.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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