Flare (FLR) has made the head and shoulders pattern on the 4-hour chart, and the token will keep on falling as it forms the head, and then rise again to form the right shoulder.
On the 4-hour chart, FLR started to form the head and shoulders pattern on September 20. After completely forming the left shoulder, it is now in the process of going through the head of the pattern. While forming the head, the token was rejected after testing the resistance level at $0.027. With FLR still falling, it is seeking a support level to land on.
Technically speaking, the token should land on the neckline support level, which is close to $0.023, if it is to complete the head and shoulders pattern. The relative strength index (RSI) indicator is still neutral, as it records a value of 49 as it keeps heading into lower levels. Since the RSI is not oversold, there’s no restriction on FLR’s prices to further fall. As such, the token will continue to fall until the support level at $0.023.
Once the token falls to the above-mentioned level, then it will rise again and reach somewhere close to $0.025.
FLR daily charts support the 4-hour chart thesis
The daily chart confirms the thesis: price structure and momentum are aligned with a move toward $0.024. Here’s what’s happening and how it would turn out to be. Flare is trading inside a rising wedge, making higher highs and higher lows after rebounding off the upper and lower trendlines.
After being rejected at the upper trendline, FLR is now searching for its next higher low — which, while it remains inside the wedge, should form near $0.023–$0.024. That zone also coincides with the 4-hour head-and-shoulders neckline, so a test there would align both the daily wedge structure and the shorter-term pattern.
