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- 1 FXS price prediction stays bullish for 2024 till it sustains above the $5.00 support.
- 2 Frax Share price attempted to break out of the $8.00 level but faced rejection.
- 3 FXS crypto witnessed a sudden rise in the buying volume.
FXS price prediction stays bullish for 2024 and suggests that it may reach a double-digit figure soon.
Frax crypto price performed well in the last month and succeeded in pushing the price above the $6.00 hurdle. It added fuel to the positive momentum and the price rallied approx. 36% in a short period of time.
Meanwhile, the buying volume also surged and favored the bullish momentum. It increased the reliability of the breakout and the price is likely to sustain the higher levels. The EMAs are displaying a golden crossover and the price is trading above it, showcasing an uptrend.
Recently, a few days ago, Frax Share price attempted to break out of the $8.00 level. However, due to the strong presence of sellers, the price faced rejection and witnessed minor profit booking.
However, the EMA acted as a strong support and buyers succeeded in giving bounce. It has rallied a lot in the last few weeks so the price may spend some time in the consolidation before rising upward.
Currently, FXS price is trading at $7.200 with an intraday decline of -0.69%. In the last 24 hours, the trading volume is down by 42% and the volume to market cap is 4.93%.
FXS Price Undervalued; Good for Long-Term Investment?
FXS price prediction says this token is undervalued and may generate surprising returns in the coming months. The short-term sell-off is getting absorbed near the support showing that buyers are active and downside risk is low.
Frax Share price will trigger the next phase of the rally when buyers are able to break out of the $8.00 hurdle. Till then, the price is expected to stay in the range between $6.00 to $8.00.
On the other hand, if the situation reverses and the FXS price drops below $6.00, then sellers may try to drag it down to the previous lows.
Frax Share Price Rose for Four Consecutive Weeks
Frax Share price rose for four consecutive weeks and recovered the losses of the past five months.
At present, FXS price is forming a bullish hammer candle on the weekly time frame chart. It shows the presence of buyers at the lower levels and they are trying their best to rise toward a new swing high.
The RSI at 55 slopes upward favoring the bulls and suggests more scope for upside is open. The supertrend says till the price sustains above $5.946, the trend will remain upward.
Conclusion
FXS price prediction is highly bullish for 2024 and suggests that it may generate decent returns for its investors. The analysis suggests, the Frax Share price is in an uptrend and may hit $10.00 by December end.
Technical Levels
- Resistance levels: $8.228 and $10.878
- Support levels: $6.419 and $4.616
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 other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
