- FX coin price has dropped more than 30% from the last bullish impulsive swing.
- The 200-day EMA has become a major trend-changing curve for the FX token.
Function X (FX) coin is an ecosystem that has been built for core blockchain technology. It has a cross-chain architecture and platform based on pBFT as well as PoS. Function X focuses on leveraging its strengths through the connection of Ethereum smart contracts, providing asset aggregation contracts, and generating interest in more chains.
Recent Actions of the FX Coin Price
In January 2023, the FX coin started a bullish rally from the $0.154 demand area. It observed an upsurge of almost 118% to the $0.338 level. Subsequently, the coin price fell and closed below the demand area, which led the price further low. It reflected strong bearish sentiments.
After the breakdown of the $0.154 demand area, the buyers tried to make a bullish turnaround from the $0.133 level. Consequently, the price fell to the $0.112 immediate support level. Once again the bears dominated the will of investors.
Since the last few trading sessions, the FX coin price has made some green bullish candles which could be a sign of potential reversal. It is currently taking support from the $0.115 at the new demand area.
The FX token has observed an increase of 1.04% with a current value of $0.119 in the last 24 hours. Also, it holds a total market capitalization of $98,973,102 with a total circulating supply of 408,520,357 FX coins.
Technical Analysis of the FX token
FX coin price is displaying a downtrend by currently performing below the 50-day EMA and the 200-day EMA. After facing resistance from the 50-day EMA, it took support from the $0.112 level. Currently, this level is preventing the price from falling.
At press time, the FX price is moving toward the immediate resistance at $0.126 by taking support from the $0.112 level. In the wider outlook of the chart, the price has made multiple impulsive bullish moves after the breakdown of several support levels. In this case, it may repeat the same moves after the support. Current movements seem like the price may break above the immediate resistance at $0.126 and get to $0.133 resistance.
On the other side, the relative strength index (RSI) has shown a bullish divergence which would probably lead to another impulsion. At present, the RSI is at 52.49 above the signal line.
Conclusion
Since the initial coin offering (IPO) the FX has been in a bearish trend. From the past few actions, it has made multiple impulsive bullish moves, which hold a high probability of repetitiveness in the future. At present, it is moving toward the upper level at $0.126. In that case, if the price manages to close above this resistance, it may be seen reaching the $0.133 level. However, for a major change in trend, it should break above the $0.184 level.
Technical levels
- Resistance levels: $0.126 and $0.138
- Support levels: $0.112 and $0.094
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.