Frax Share Price Prediction: Is FXS Poised for a 12% Growth Amidst BTCBSC's Surge?

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Frax Share (FXS) just turned bullish, indicated by the Parabolic SAR indicator flipping from a resistance level to a support base at $4.940. At the time of writing, the value of the FXS token is $5.517, recording almost 3% in gains over the last day. Interestingly, the token’s trading volume over the last 24 hours is up 103%.

FXS CoinMarketCap — Source: CoinMarketCap

An increase in trading volume indicates that the asset is gaining attention and trading activity is increasing. It also points to increased liquidity and, therefore, better execution of orders in a market where buyer and seller connection is easy. Strong interest in the asset also adds to the mix. On this note, it is worth mentioning that the Frax Share token features among the top ten biggest gainers over the last 24 hours.

Top 10 Biggest Gain in Value in the last 24 hours$GLMR $WLD $APT $CRV $PEPE $AXS $FXS $IMX $BABYDOGE $DCR pic.twitter.com/Iz9r1BFaC3

— CoinTrendz.com (@CoinTrendz) September 25, 2023

An investor and analyst attributed the FXS token’s resounding interest to its FraxV3 launch. He says there is growing demand for Frax Share on the blockchain. However, it is essential to do your research despite bullish assurances from other players in the market.

Conclusion:@fraxfinance has strong growth catalyst in form of FraxV3 launch, Fraxchain and #RWA narrative
Demand for $FXS is growing onchain
DYOR but I'm bullish on $FXS
Support my content by your likes and follow link in Bio for daily updates
Alpha 👇https://t.co/UviQgmUEUe

— Bogdaanpustovar (@Bojo0x) September 25, 2023

Data on Alpha Metrics also shows that Frax Share recorded almost $500,000 in buying pressure over the last day. This adds to the bullish motivators.

*FXS buying pressure, 24-hour timeframe*

On a more extended timeframe of two weeks, the FX token has indicated up to $1.3 million in buying pressure, calculated by getting the difference between net buys and net sells.

FXS buyer momentum — *FXS buying pressure, 2-week timeframe*

Now, the token is attempting to breach from the confines of a limiting chart pattern, the descending parallel channel. There are solid prospects for more gains, but the onus is on bulls to increase their buying power.

FXS Value Prognosis Forecast As Frax Price Tests Critical Trendline

Frax Share price is trading with a bullish bias, brewing a recovery rally after a 30% slump that began on August 15. The Parabolic SAR is also giving positive signals, tracking the price from below and acting as a support level at $4.940.

The Relative Strength Index (RSI) also extends north and mirrors the directional bias of the Frax Share price. This points to increasing buying pressure that could drive FXS value higher. The sustained green histogram bars of the Awesome Oscillator, steadily edging to the positive side, corroborate the optimism.

However, a supply zone hovers above Frax Share price, with the base at $6.206, 12% north of the current position. This would likely take profit level for longs because of the aggressive selling expected within the supply zone order block. This zone could act as resistance. On the other hand, if it fails, investors should watch for a break and close above its mean threshold at $6.652 to confirm a trend continuation. In this case, the supply zone would become a bullish breaker.

FXS price — TradingView: FXS/USDT 1-day chart

Conversely, selling momentum from the supply zone could interrupt the recovery rally for FXS, causing a pullback to the immediate support at $5.021. A decisive move below this level could invalidate the bullish thesis, commencing a new downtrend toward $4.433. Such a move would constitute a 20% fall from current levels.

BTCBSC token, on the other hand, has things figured out, achieving milestone after milestone with no signs of stopping.

FXS Alternative

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https://twitter.com/Bitcoinbsctoken/status/1702714012004438197

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