- FXS was trading at $6.30 with an intraday rise of 4.09%.
- The token has given a breakout from the bearish trendline.
- Its price has also moved above the 50-day EMA after the breakout.
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The FXS token was trading bearish under a bearish trendline. The price tried to break the trendline two times but ended up as a fake breakout. For the 3rd time, the price took support from the level of $5.14 to $5.29 and this time price gave a breakout and crossed above the 50-day EMA. The price retested the support at the 50-day EMA and got bullish breaking the resistance level of $5.9.
The token is currently getting a rejection from the resistance level of $6.4. It is also trying to sustain above the 200-day EMA. For the next bullish move, the price has to sustain above the 200-day EMA.
The 75.15% of the total supply of the token is presently circulating in the market. Its daily trading volume has increased by 97.43% in a day. The current market capitalization of FXS is $471.30 Million.
Sentiment Analysis
The total volume has decreased by 19.4% in a week. Social mentions have increased by 4.18% and the bullish sentiments have grown by 79.82%. The volume is showing a decline but the price is still rising. The community is getting bullish about it as the price is approaching to get above the 200-day EMA.
Technical Analysis Of FXS Token (Daily-1D)
If the price gets above the 200-day EMA breaking the resistance of $6.4, then the price can reach $6.9. Further, the price can move upwards to the level of $7.4 after breaking the resistance level of $6.9.
However, If the price breaks below the support level of $5.9, the next support is at the 50-day EMA. Suppose the price loses the 50-day EMA support, it can reach the support level of $5.14 to $5.29 again.
Indicators On The Price Of FXS
Relative Strength Index (RSI)
The RSI got a bounce from the SMA 14. It is presently above the neutral level of 50. The RSI is moving at 62.57 points showing bullish strength in the token’s market.
Supertrend
The super trend is showing the bullish trend of the market. The price is moving under a bullish green band showing bullishness of the token’s price.
FXS LIVE CHART
Conclusion
The price action and the analysis of the FXS token suggest that the token can get bullish after getting above the 200-day EMA with a sizable volume inflow in the token market. Losing the support at the 50-day EMA will get the price in a bearish scenario.
Technical Levels
Support Level: $5.9, $5.14 to $5.29 and $4.9
Resistance Level: $6.4 and $6.9
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.