Bitcoins’ recent surge to almost $65,000 has quickly reversed with the currency now trading at below $61,000.
The arrest of Telegram’s CEO Pavel Durov, in France, has exacerbated this decline, which was triggered by a steep price fall for Toncoin.
Some altcoins have also seen significant pressure, such as Ethereum (ETH), Solana, XRP and Cardano.
While these tokens are struggling, we turn our attention to other tokens such as Flare (FLR), Gala(GALA), or Sui(SUI).
Bitcoin sees huge negative exchange netflows
Heisenberg is a CryptoQuant analyst who says that the Bitcoin exchange network experienced massive net negative flows of money during the recent price drop.
According to the analyst, large net negative flows often occur in conjunction with an upturn of sentiment. This is mainly due to BTC being taken off the exchanges by investors for storage.
The Bitcoin price turned positive when exchanges last recorded an enormous negative netflow in BTC. In July, the price rose above $68k after this measure and before that it had risen from $67k up to $70k.
Flare hovering near key support level
In the last month, Flare’s native token has fallen 18%.
FLR reached $0.02 by the end of the month, while the value of the L1 token is currently trading at $0.015. Flare is at a critical level. Below this, support may be found around the August 5th lows of $0.054. The resistance level is around $0.017.
On the daily chart, you can see that the FLR token is below the simple 50-day moving average. Daily relative strength and Moving Average Convergence Divergence Indicators point out an overall weakening.
On the weekly chart, the RSI is also nearing oversold territory. It was reading 33.44 when the article was written.
Bears also helped to push the Stochastic Index into oversold territory. Prices at their current level, bulls are likely to mirror the market’s rebound and aim for new upward momentum.
Market presence of Flare
Flare is still gaining traction on the market despite its price decline. This includes the latest integration of Polyhedra’s zkBridge with LayerZero and zero-knowledgeproofs.
FLR could recover if developers are allowed to use ZK proofs in order to develop and deploy interoperable apps.
Markets include real-world assets, social networks and decentralized finance. According to DeFiLlama’s Flare Total Value Locked (TVL), Flare has increased its TVL from $15 million in August 2005, up to $27.7 millions today.
The post Flare Price Outlook amid Bitcoin’s Negative Exchange Netflows: What You Need to Know may be updated as new information becomes available.
This site is for entertainment only. Click here to read more
