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Cryptocurrency News Articles
Flare (FLR) Price Prediction 2023-2025: Will FLR Hit $1 Soon?
Aug 07, 2024 at 07:05 pm
Flare is an EVM smart contract platform with two enshrined data acquisition protocols. It has two two data acquisition protocols which are secured by the layer 1 network.
Flare, an EVM smart contract platform, boasts two data acquisition protocols. These protocols, secured by the layer 1 network, provide dapps on Flare with access to highly decentralized time series data feeds. Additionally, the Data Connector enables Flare to achieve consensus over external events without compromising safety or trust.
The FAssets system, currently under development by Flare Labs, serves as a crucial component for tracking assets on both the Flare and Songbird networks. This system introduces two synthetic assets: FLRUSD and SGBUSD, designed to follow the price of FLR and SGB against USD, respectively.
By integrating these synthetic assets into the DeFi ecosystem, users can now gain exposure to the price movements of FLR and SGB within decentralized applications. Notably, these assets are not directly redeemable for the underlying tokens.
Coston, the test network for Songbird, and Coston 2, the test network for Flare, provide a valuable testing ground for upcoming features and updates. These networks enable developers to deploy and test their dapps before launching them on the main networks.
Moreover, the performance of FLRUSD is closely monitored by traders, especially after a minor pullback following a major correction. Any daily close above $0.3250 will indicate further bullishness.
After a gain of over 35% in the past two days, FLRUSD continues to trade above the short-term (21 and 55 EMA) and below the long-term moving average in the 4-hour chart. Currently trading at around $0.01725, the pair hit a high of $0.0180.
If the pair closes below $0.0130, it will invalidate the bullish trend. On the lower side, the near-term support is $0.0160. Any close below targets $2/$1.495.
The pair's near-term resistance is around $0.020. Any breach above confirms minor bullishness. A jump to $0.0250/$0.030/$0.03250 is possible. A surge past $0.0325 will take it to $0.050.
It is good to buy on dips around $0.0150 with SL around $0.0130 for TP of $0.030.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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