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Frax price bullish outlook carries on undeterred by the first general crypto market pullback. Investors applied brakes on their aggressive push from the beginning of the year amid a reaction to the United States Justice Department’s international crypto enforcement action.
Despite calls for a brief pullback to allow key fundamentals to catch up, FXS is up over 13% in 24 hours to exchange hands at $10.00 in the early hours of the European session on Friday. Bulls seem to be comfortable holding the reins as they expand their gains to $15.00 and $20.00 levels, respectively.
Binance Futures Launches FXSUSDT Perpetual Contracts, Giving Frax Price Uptrend Fresh Lifeline
Binance Futures announced on Thursday that it will launch FXSUSDT perpetual contracts on January 20, 2023, starting at 0300 UTC, with up to 20x leverage. FXS will be the futures contract underlying asset with settlement in USDT.
According to the blog post accompanying the announcement, the new trading instrument will be offered in a multi-asset mode, where users are allowed “to trade FXSUSDT Perpetual Contracts across multiple margin assets, subject to the applicable haircuts. For example, when the Multi-Asset Mode is activated, users can use BUSD as margin when trading FXSUSDT Perpetual Contracts.”
The ongoing bullish move on Frax price can be attributed to the support from the world’s largest crypto exchange by daily trading volume. Investors are scooping up FXS tokens in droves, possibly to diversify into the futures contracts.
CoinMarketCap, reveals an increase in accumulation, with the trading volume jumping 30% in 24 hours to $77 million. Following a 12% tick-up in market cap to 745 million, Frax is now the 58th largest crypto.
Bybit exchange also announced another listing for Frax starting January 20. FXS/USD is the new trading pair available for buying and selling on Bybit’s spot market platform.
Frax Price Eyes $15 Next After Conquering $10
Frax price holds slightly above $10.00 and is almost exhausting a rectangle pattern breakout. Although such patterns as illustrated on the daily time frame chart have no bullish or bearish biases, they are often used to confirm the direction of the trend.
Therefore, traders look out for breaks above or below the rectangle. Like in the case of Frax price, blasting through the rectangle resistance at $7.71 opens the door to a potential 48.45% northbound move.
Notice how FXS price sharply lifted above the rectangle. It will likely exhaust the breakout target equal to the height of the pattern extrapolated above the breakout point. For now, bulls are concerned with establishing support at $10.00 to allow for momentum to build ahead of another push to $15.00 and hopefully $20.00.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator came into the picture when the MACD (line in blue) crossed above the signal line (in red). If the momentum indicator holds above the mean line while sustaining the call to buy FXS, Frax price would gradually close the gap to $15 over the weekend.
On the other hand, investors must approach Frax price cautiously, keeping in mind, the extremely oversold conditions. Based on the Relative Strength Index (RSI) FXS is defiantly trading beyond its fair market value and may be forced into a temporary retracement before the uptrend carries on. That said, some investors may book profits at $12.00 as they gauge FSX’s ability to reach $15.00.
Altcoins To Consider for a Better Risk/Reward Ratio
Altcoins in presales offer investors a once-in-a-lifetime chance to be early adopters. Moreover, market participants buy the tokens at a bargain before they are listed on exchanges for the first time. For that reason, interest investors may want to check out some of our in-house tokens in their presales, with the potential to return above-average gains upon listing on CEXs.
Meta Masters Guild (MEMAG)
The Meta Masters Guild (MMG) is the first global organization that aims to create blockchain-enabled mobile games that establish a decentralized gaming environment. The team’s main objective is to develop exceptional mobile web3 games that allow players to earn rewards for participating in the ecosystem sustainably.
All the games in this new ecosystem will use a single currency, the Meta Masters Guild token ($MEMAG). The games developed by MMG will feature in-game incentives called ‘Gems’ that can be exchanged for MEMAG tokens.
Players will have the option to redeem or reinvest these tokens in various ways within the ecosystem. The ecosystem is designed to encourage players to invest their time and funds by ensuring fair compensation, which is crucial for gaming.
Players can look forward to two upcoming games: Kart Racers, a PVP racing game optimized for mobile devices, and Raid NFT, a turn-based fighting game where players select warrior assets and engage in battles in different hostile environments.
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Another game, Meta Masters World, will cater to the metaverse and allow players to explore an expansive virtual world similar to an open-world game but with less structure.
In this game, players will have complete autonomy to collect resources and participate in competitions for rewards. Investors are buying MEMAG tokens in an ongoing presale that has raised $665k so far.
FightOut (FGHT)
As the fitness industry shifts towards newer, decentralized platforms, it can be difficult for investors to find the most promising projects. However, FightOut stands out as an innovative solution.
The Move-to-Earn (M2E) project is dedicated to making healthy, active lifestyles accessible to everyone, regardless of their goals, abilities, or financial resources. The team behind FightOut believes that fitness should be rewarding, not cost-prohibitive.
To accomplish this, FightOut is developing a gamified fitness app and gym chain that will allow users to earn the FGHT token by completing workouts and challenges.
This ecosystem will also track users’ progress and provide personalized training plans, eliminating the need for expensive personal trainers. FightOut’s presale is underway and has raised $3.05 million by selling 1 FGHT for 1 USDT.
C+Charge (CCHG)
C+Charge is a crypto-powered electric vehicle (EV) charging and payment solution that aims to democratize the carbon credit industry. It is the first platform that is dedicated to rewarding EV drivers for using it.
Drivers can earn carbon credits in CCHG while charging their vehicles. Charge station operators will also receive payment in CCHG, which increases the token’s utility.
C+Charge presale, which launched recently, has raised 324k in the first stage. Investors are buying 1 CCHG for 0.013 USDT, but the price will shoot to $0.0165 USDT in the next round.
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- 5 BEST P2E CRYPTO GAMES (Play-to-Earn Cryptocurrencies) To Buy Right Now? – YouTube
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