Home
News
- The FRAX price is currently trading at $7.79 while seeing a change of -52% in 24-hour trading volume.
- The price of FRAX is down by 0.14% in the last 24 hours.
The price of FRAX is making a bullish Inverted Head and Shoulder pattern. Opposite the Head and Shoulder pattern which is seen at the top of the Bearish trend reversal the Inverted Shoulder pattern is found at the start of a bull trend. The price completed making this bullish pattern near early January and broke its neckline with an extremely bullish momentum gaining more than twice its value back.
At present, the FXS price is taking resistance from its previous consolidation near the price of $12.0000. The buyers have been providing consistent support to FXS from the support level indicating that the Investors are showing interest in the Token. It can be estimated that the FRAX price may make a substantial recovery move in the near future.
The FXS price is currently taking support from an important support zone near the 200 Moving Average. The RSI line is trading near the median line and the Stochastic RSI indicator is trading near the overbought zone.
FRAX price trading near the support level on ( Daily timeframe)
The price of FXS has been respecting its 200 Moving average for the past few months after breaking above the convergence of Moving averages near early January. After gaining support from $4.0000 the price made an exceedingly bullish rally gaining 2X of its value. Though after consolidating for a few months since the end of January the price took a correction of 47%.
Recently, the price has been attempting to resume its bull trend with the Investor’s blessings.
However, to attain its target FXS price will have to break above its resistance point near the base of its earlier consolidation level near $10.0000.
Technical Analysis ( On the 1-Day Timeframe)
The RSI line has been making a higher high and low pattern since early October. It may take a bullish reversal from the oversold level near 30 points. Presently, the value of the RSI is 38.05 points which is above the 14 SMA trading around 44.34 points. The RSI line is giving bearish signals; its recent support point is near the median line with 14 SMA.
The Stochastic RSI is giving a positive indication. The %K line can give a crossover to the %D line near 10 points.
Conclusion
The majority of technical indicators are providing bullish indications on the daily timeframe. Oscillators are taking a reversal from the oversold zone.
Support – $7.40000
Resistance – $10.0000
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
