- 1 Frax Share price (FXS) surged 4.5% in the past 24 hours and currently trades at $5.75.
- 2 Frax Share price showed a breakout from a declining channel pattern followed by a pullback.
- 3 FXS price is nearing the 50-day EMA; the breakout of which may add more buying volume.
Frax Share price (FXS) illustrates an accumulation of over seven intraday sessions near the recent breakout zone. Frax Share crypto price currently hovers near the 50-day EMA; the breakout of which might add more buying volume and the price might reach the 200-day EMA.
The price analysis of the Frax Share crypto shows a sideways trend prevailing in the long term. The FXS price has been rolling over in a 35% range for the last four months. The price has been respecting a range with support near the round level of $5 and resistance near $7.
Recently, the FXS crypto price experienced a breakout of the declining channel pattern near the $5 level followed by a retest of the previous breakout zone.
Frax Share is a stablecoin that adjusts its collateral ratio based on its market price. If Frax is above $1, it reduces collateral. If Frax is below $1, it increases collateral. Frax has both collateralized and algorithmic parts.
Frax Share Price Shows Retest of Previous Breakout Zone
Source: FXS/USD By TradingView
The Frax Share price is currently trading at $5.75 and witnesses an accumulation near the previous breakout zone. The recent surge has confirmed the bulls’ presence at the lower levels. The breakout above the 50-day EMA and accumulation might surge the price to test the 200-day EMA.
The volume analysis shows that FXS crypto received $23.95 Million in the past 24 hours, which is 72.02% more than last day’s volume. The crypto holds a market cap of $408.93 Million and ranks 72nd in the crypto market. The volume-to-market cap ratio is 5.32%; indicating mild volatility in the market.
Technical Indicators Show Neutral to Bullish Trend
Source: FXS/USD By TradingView
MACD lines are showing a bearish crossover near the mean line. Histogram bars are being formed below the mean line of decreasing height, indicating that bulls are regaining momentum.
The EMA analysis shows that the FXS price trades near the 50-day EMA. the breakout of which might turn the bulls aggressive and the price may surge higher.
Conclusion
Frax Share (FXS) is a governance token that recently broke out of a declining channel pattern near $5. The FXS price is now accumulating near the 50-day EMA, which may lead to more buying volume and a possible test of the 200-day EMA.
The FXS price has been trading in a range between $5 and $7 for the last four months. The volume-to-market-cap ratio is 5.32%, indicating mild volatility.
Technical Levels
- Support Levels: $5.18 and $4.94
- Resistance Levels: $6.13 and $6.72
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 or stock comes with a risk of financial loss.
