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- 1 The FRAX crypto is showing a bullish structure and could soon recover, as the price has held on to a key level.
- 2 The FRAX crypto price drops below the $0.9700 level, it could fall further to $0.9300.
Frax crypto is ranked 213th in terms of marker capitalization on the Coinmarketcap website, and it has performed poorly in the last week, month, and quarter, losing 1.75%, 3.375, and 2.56% respectively. This shows that the sellers have been dominant, but they have not been able to push the price below $0.9700. The trading range of the crypto has also shrunk, meaning that the buyers and sellers are in equilibrium, and any imbalance could trigger a big move.
The chart shows that the crypto price rose from $0.9300 to $1.0500, but then fell back and followed the trendline resistance. At the time of writing, the FRAX crypto is down by 0.17% in the last 24 hours, and it is now trading at $0.9767 and below a trendline.
The FRAX crypto is showing a bullish structure and could soon recover, as the price has held on to a key level of $0.9700 on the chart for a prolonged period of time.
Can FRAX Crypto Price Boost Upward?
Therefore, if the buyers increase their demand for FRAX with high momentum, the price could rebound strongly from the current support level. The next target for the FRAX price would be $1.0800, and the main resistance along the way would be $1.0300.
On the other hand, if the FRAX crypto price drops below the $0.9700 level, it could fall further to $0.9300.
The FRAX crypto is poised for a huge rally, as it gathers force to break the resistance and soar to new heights from the current support zone.
The MACD indicator shows that both the MACD and signal lines are close together and moving sideways, suggesting that a bullish crossover is likely to happen soon. The MACD line is at -0.0052 and the signal line is at -0.0046, and the distance between them is shrinking and they may rise above the zero line. The current histogram value is at -0.0006.
The FRAX asset is showing signs of optimism and the RSI is increasing and gradually reaching the 14 SMA-smoothed line to cross from below, indicating that the asset is gaining buyers’ interest and can reach new highs as soon as sellers lose some traction.
Summary
The FRAX crypto has been under selling pressure, but it has maintained a key support level at $0.9700. If the buyers take over, it could rise to $1.0800, breaking the trendline resistance. The technical indicators show signs of a bullish reversal, as the MACD and RSI are moving upwards. The FRAX crypto could rally to new highs if it breaks the resistance and attracts greater demand.
Technical Levels
Support Levels: $0.9700
Resistance Levels: $1.0300
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
