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- Frax token (FXS) is currently trading at $8.271 while seeing a major change of 33% in 24-hour trading volume.
- FXS is observing an increase of 1.45% in the last 24 hours.
- The FXS price may make a breakout in the upcoming days.
Followed by severe bearish pressure within the last couple of days the price seems to be gaining the bulls’ favor. The overall trend for the FXS price is bullish though the price is yet to start moving off the trend. Investors are showing positive optimism and support for the price. Where the oscillators are taking a reversal from the demand zone.
The price of FXS favors the Simple Moving Averages rather than the exponential ones. Presently, the price is trading near a significant support zone above the 200 Day-Moving Average. If it gains the buyer’s support at the current point the price can make a decent move of 30% within the upcoming days. The RSI line and Stochastic both are showing bullish indications and the price is forming a bullish green candle just near the demand zone.
FXS price taking a reversal from 200 MA on (Daily Timeframe)
Previously, after a narrow convergence between the key Moving Averages, the price made an extremely positive breakout with strong momentum. The price gained more than 95% of its value in this bullish surge. After trading within a consolidation for nearly a month the price took a pullback from the 200 EMA.
At present, the price is making another attempt to make a breakout through its previous level. It trades above both the Exponential Moving average and the Moving average hence the chances for it to resume its bullish trend have increased significantly.
Technical Analysis ( 1 Day Timeframe )
The RSI line is taking a reversal from the support zone making a bullish upward curve. The value of the RSI line as of now is 41.76 points, while the 14 SMA is providing resistance at 50.93 points.
The present situation suggests a bullish turn for price. The stochastic RSI is trading at the extremely oversold zone level below 30 points at 3.63 points. The %K line is crossing above the %D line near the demand zone of the stochastic indicator.
Conclusion
Presently the FXS price is taking a bullish reversal from the 200 MA according to the analysis. If the price takes a pullback from 200 MA with buyers’ support it can make a 30% recovery. RSI and Stochastic RSI are trading in the bull’s favor on the daily timeframe for FXS price.
Technical levels –
Support – $7.500
Resistance – $11.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
