FRAX Share Projections: FXS Could Be the Dark Horse in the Crypto Race

Updated: 04 October 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Frax Share (FXS) soared to a high of $5.58 in the last 24 hours and is trading up 1.5% at $5.50 at 10:05am ET.

Frax Share FXS Price Could Trade a Bearish Pennant

Frax Share FXS Price Projection — FXSUSDT Price Chart. Source: Tradingview.com

Frax Share (FXS) currently exhibits bearish momentum since hitting a local high of $7.02 between August 15 and September 12. During this period, it formed a series of low highs and low lows.

However, the $4.89 support level has provided a foundation for a potential recovery. This has shaped what appears to be a bearish pennant on the daily chart, signaling a bearish trend continuation.

At the time of writing, FXS is trading within a rising channel, marked by two higher highs and two higher lows. This shows that buyers can maintain higher prices and potentially start a sustained recovery.

The chart analysis shows that Frax Share (FXS) is currently in a demand zone at $4.89. Consequently, an increase in buying activity could drive FXS’s price upward, potentially challenging the resistance levels at $5.90 and $5.93, which coincide with supplier congestion areas.

To solidify the recovery, FXS bulls need to break above the 50-day moving average, transforming it into a support level. Achieving this could propel FXS past $6.09.

On the other hand, if a candlestick opens below the lower boundary of the pennant, it may lead to a price decline towards the $4.62 support zone. A further decrease in price would bring Frax Share (FXS) to $4.02 support.

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