Pearl
Bitcoin
NEAR Protocol
Starknet
Solana
Quant
Ondo
- Frax’s Share price prediction reveals the formation of a falling wedge pattern, which apparently broke out.
- FXS token has shown a year-to-date growth of 52.75%
- Frax Share token has recovered 35% from its recent swing low.
Frax Share’s (FXS) price prediction uncovers the bearish market structure that has been formed ever since the price started falling in February 2023. The FXS token rallied 223% to a price of $13.275 at the start of 2023. After that, the FXS crypto price started to weaken and the bears took control, which led to a 66% fall to the support of $4.664. The bulls showed up at the support and executed a recovery of 35% to its current market price.
At the time of writing, the current market price of FXS crypto is $6.289. The 24-hour trading volume increased by 64.92%. The market is down by 1.53% in the last 24 hours. The overall market cap of FXS tokens is $458,201,695.
Can Frax Share Reach the Price Target of the Falling Wedge Pattern?
Frax Share’s (FXS) price prediction reveals that the market formed a falling wedge pattern on its way down. The Bulls made a breakout on June 20, 2023, followed by a retest. Since then, the market has been gradually moving up. The recovery from the support has added confidence amongst the buyers, pushing the price high.
So far, the FXS token price has broken a local resistance of $6.013, which looks promising. The volume isn’t very significant, although it does have a decent amount of buying. Currently, the price is trying to retest the resistance, which has now turned into support. If the price manages to sustain above it, the bulls will lead the price to its next resistance of $7.511 and eventually head toward the price target of the pattern, which is $10.195.
Will the Price Sustain its Recovery?
Analyzing the 4-hour chart shows that the price is traveling in an ascending channel. The FXS token price is in an uptrend in the short term. A flip above the 200 EMA is supporting the claims of a bullish trend. However, the 9, 15, and 200 EMAs have turned flat, hinting at sideways price action. The price is consolidating near the support trendline of this ascending channel.
It’s important to keep in mind that the overall trend is still bearish. The ascending channel pattern can be interpreted as a bear flag, which is a continuation pattern in a strong downtrend. If the FXS crypto price breaks below the channel, it will trigger panic selling, and the market may experience aggressive selling.
RSI
The RSI indicator is currently at 50.13. This is a condition of a bullish to sideways momentum. The market may consolidate until the RSI crosses 60
MACD
MACD is flat as it moves adjacent to the signal line. The indicator is moving on the 0 line. This shows the market is lacking momentum and the price action is sideways.
200 EMA
On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion
Frax Share’s (FXS) price prediction uncovers the bearish market structure that has been formed ever since the price started falling in February 2023. The market has recovered decently from its swing low while performing a breakout of the falling wedge pattern. The price is moving up in an ascending channel. If the FXS token breaks below the ascending channel, it would be wise to reconsider the buying decisions and wait for the market to break the resistance. The best way to handle this volatility is with a good risk management strategy.
Technical Levels
- The nearest support level: $6.013
- The nearest resistance level: $7.511
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
