- The FRAX coin price is currently at $1.045 while seeing an increase of 0.10% during the intraday session.
- The moving averages and oscillators both indicate bullish sentiments for the price.
Launched in November 2020, the FRAX Protocol (FRAX) coin is the first fractional-algorithmic stablecoin system. It is a community-driven and uniquely designed stablecoin that works as a decentralized protocol with governance on-chain. The protocols work on the value of providing algorithmic, decentralized, scalable money in the place of fixed-supply digital assets like BTC.
Past Performance of the FRAX Coin
The FRAX coin price is recovering from the immediate volatile long-short phase in the current year. The price breaks above the all-time-high level at $1.306 with a year-to-date increase of 6.57%. Consequently, it formed a new resistance at the $1.877 level.
According to the July 2023 analysis, the price surged over 65% in order to break above the $1.877 all-time-high level. Subsequently, it failed because of the bearish selling pressure and short-term volatility. However, in the current quarter, the FRAX coin price is rising steadily.
In the current month, the FRAX coin price has increased by 5.41% and is moving toward the $1.142 resistance level. This reflects the current bullish sentiments for the price.
The market cap of the FRAX coin has decreased a bit by 0.27% during the 24-hour trading session. Additionally, the coin has a total circulating supply of 671,723,781 FRAX coins.
Technical Analysis of the FRAX Price
The 50-day EMA has made a bullish crossover with the 200-day EMA after the FRAX price broke above the $0.998 level. This crossover indicates the upcoming strong bullish trend. At present, the 50-day EMA is at $0.998 while the 200-day is at $0.993.
The FRAX coin price failed to close below the lower range of $0.966, which became a pivotal point for the buyers. Subsequently, the price broke above the $1.015 upper range with a huge volume, which shook the sellers. It is currently moving toward the $1.120 resistance level. The other support and resistance are at $0.998 and $1.142, respectively.
Moreover, the relative strength index (RSI) reflects the strong bullish momentum without any divergence. At present, the RSI is sloping at 76.33.
Conclusion
The FRAX coin price has recently broken above the upper range of $1.015 level and both the EMAs formed a bullish crossover. At press time, the price is moving in a strong uptrend. Overall, the technicals indicate bullishness in the coin price. The FRAX coin price is currently moving toward the $1.120 resistance level. However, for the bearish trend to persist, it should close below $0.966. Additionally, it may reach the $1.67 level, as per the previous price action.
Technical Levels
- Resistance levels: $1.058 and $1.142
- Support levels: $0.998 and $0.966
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.