- Frax Share coin is moving inside an ascending triangle pattern.
- Frax Share (FXS) price has fallen 37% in one year.
The Frax Share (FXS) coin’s price is moving with a downward momentum. The price of FXS is forming a pattern of lower lows. Currently, the price is moving inside an ascending triangle pattern.
Financial Data of Frax Share (FXS)
The current market price of Frax Share is $5.153. As per LunarCrush, the total market volume is $27.33 Million, which declined by -0.57% in today’s market session. The total bearish sentiment has surged by 96.88%, conveying that the sellers are dominating the price and the increasing negative sentiment.
The current trading volume of Frax Share (FXS) is $27,456,636 in the last 24 hours. Over the past day, Frax Share has seen a 6.6% decrease. It is currently ranked at #79 on CoinMarketCap, with a total market cap of $372,749,795. The circulating supply of FXS coins is 73,533,704, and the maximum supply is 99,681,495.
The FXS coin hit an all-time high of $42.6 in April 2023. Since then, the price has been moving with a downward momentum. The price had fallen by almost 88.12% by the end of June 2023. However, the price found support at the $4.2 level. Subsequently, the bulls tried to push the price up and the price surged by almost 280%. However, this bullish momentum didn’t last for an extended period, and the price started declining again.
This price movement has formed a descending triangle pattern in the market. The price is near the support level. The overall pattern is weak in the weekly timeframe, increasing the probability of a further decline in the upcoming days.
Frax Share (FXS) Technical Analysis
The continuous downtrend has pushed the price to trade below the 50-day and 100-day EMA levels. This is a poor signal for the coin.
The RSI is currently below the 50 level. This shows that the price is trading in the negative zone, and a further price decline is expected.
The MACD is below the signal line, and this signifies the presence of bearish pressure in the price. This could push the price downwards.
Conclusion
In conclusion, the Frax Share (FXS) coin is moving with a downtrend momentum. The price is trading inside a descending pattern, which is a negative pattern. The coin has shown a decline of 21.4% in one year. Hence, the overall sentiments surrounding the coin are favoring a downtrend momentum.
Technical Levels·
· Support Level: $4.2
· Resistance Level: $11.3
Disclaimer
The views and opinions of the author or anyone named in this article are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.