EVM-based Layer-1 blockchain Flare has stayed green despite the small-scale market crash, leaving some eagle-eyed investors asking ‘is it too late to buy Flare’? Find out in FLR price analysis.
Flare’s market defying posture appears to have been fuelled by an exciting move earlier this week which saw Google Cloud join the Flare network as a validator and contributor to the Flare Time Series Oracle (FTSO).
$FLR is TRENDING on @X with 7.7K posts #FlareNetwork pic.twitter.com/16T1BRLeYZ
— n (@delx88) January 18, 2024
The Google Cloud integration triggered upside price movement, which appears to have snow-balled, leaving Ripple-linked FLR as the only double-digit green cryptocurrency this morning.
FLR Price Analysis: As Flare Blockchain Posts Double-Digit Returns – Will Market Defiance Be Sustained?
With price action pushing high into the channel, Flare is currently trading at a market price of $0.022982 (representing a 24-hour change of +2.6%).
This comes after price hammered-up from 20DMA support on January 15, in a +38% move that establish price at a higher support level above $0.023.
The 20DMA (now trading at $0.01875) has formed critical support for FLR price in recent months, carrying price to the upside since November.
Meanwhile, the 200DMA is shifting from descendance into ascendance around $0.0134, poising the moving average to converge with the lower trendline at $0.0145.
On a technical level, retracement from the local high at $0.026, has left price in a bullish pendant pattern – suggesting upside movements could be the norm on the short-time frame.
Yet, some caution emerges form the RSI, which is reflecting the upside move, shifting to more severe overbought divergence at 65.84 (a bearish signal).
This conflicts with the MACD, which is showcasing the continued bullish momentum at 0.000445.
Overall, FLR price analysis depicts price action in bullish form despite localized consolidation from the dramatic upside move – with a strong likelihood of continued upside movements into the weekend.
To the upside this leaves FLR price targeting a move to $0.0275 (a potential +20.77%).
While downside risk could see FLR price fall down to localized support at $0.020 (a possible -12.17%).
FLR price analysis therefore leaves FLR facing a risk: reward ratio of 1.71 – a reasonably good entry that implies it’s not too late to buy Flare on the short-time frame.
But while FLR offers modest returns, higher growth could be found by investing in a presale such as Bitcoin Minetrix.
FLR Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $8.76M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$8,814,066 raised – with just 3-days left of presale stage 20.
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Stage 20 of #BitcoinMinetrix ends in 2 days!
How do you think governments worldwide will regulate #Bitcoin mining in the future? pic.twitter.com/TEY86VQpel
— Bitcoinminetrix (@bitcoinminetrix) January 19, 2024
$9.5M In The Crosshairs: Bitcoin Minetrix Surges Past $8.8M – Poised to Outperform FLR Price Analysis
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
Why Has Bitcoin Mining Become So Centralized?
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over FLR Price Analysis Verdict:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry. Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services. Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system. Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks. The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $8.6m raised towards its $9.5M goal. At a competitive price of just $0.0127 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
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The post Is It Too Late to Buy Flare? FLR Price Stays Green Despite Market Crash and BTCMTX Token Could Be Next to Pump appeared first on Cryptonews.
