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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) 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.
With that risk in mind, investors may want to consider Meme Kombat, which offers an enticing presale opportunity for FXS investors. This is along with its potential for staking to earn and play-to-earn features, which may also bring lucrative returns.
Get Rewards and Passive Income with Meme Kombat Stakes
Meme Kombat is emerging as an exciting investment option with the potential for high returns. It combines betting and staking, offering the opportunity to earn rewards, making it stand out in the crypto market.
Not really sure how else to put it? #MemeKombat pic.twitter.com/qmUIGRgcWx
— Meme Kombat (@Meme_Kombat) October 3, 2023
This innovative gaming platform is generating excitement within the crypto community. Many are touting it as a potential successor to PEPE-the meme coin that gained popularity earlier this year.
In the $MK token presale, 50% of the total supply is reserved, with 30% allocated to stake and battle rewards. Another 10% goes to DEX liquidity and community rewards. The project is committed to generously rewarding its community, which explains the substantial allocation.
Meme Kombat introduces an innovative concept by combining blockchain gaming with memes, an innovative idea in the crypto world. Users can actively bet or stake to earn $MK tokens on this platform, providing gaming fans with various ways to earn rewards.
By choosing to stake, investors can earn an impressive APY of 112% during the early sale, bypassing the wait for the battle feature release. The project revolves around supporting memes, with different memes competing for the top position in the Meme Kombat arena.
Buy Meme Kombat for $1.667: Hurry Presale Selling out Fast
The Meme Kombat presale raised $268,925, drawing significant investor attention. The $MK token is currently priced at $1.667 and you can buy using ETH or USDT.
$MK presale is still live, don' t fade on @Meme_Kombat
They have now raised 235K. The presale is on their website with a cool branding. You can already earn APY by buying the presale. Team is doxxed.
Presale: https://t.co/WaKrFTgVyj
TG: https://t.co/x4lJEuasKy #DYOR pic.twitter.com/JW0ax0BmNQ
— Crypto Gems (@DaCryptoGems) October 3, 2023
Meme Kombat’s early success and support from influencers suggest it could become a significant player in the meme coin space.
Crypto experts have taken notice of Meme Kombat, with YouTubers like Jacob Bury and Crypto Gains expressing their positive views on the coin’s potential to make 100x on investment.
Moreover, security-conscious investors will appreciate that Coinsult did a security audit of the Meme Kombat smart contract, with the audit report readily available on the project’s website for transparency.
Buy $MK tokens by connecting your Web3 wallet to the MK website and using Ethereum (ETH), Tether (USDT), and Binance Smart Chain (BNB).
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