coinedition.com
The Frax Share price analysis shows a strong increasing trend for cryptocurrency today as FXS has gained over 39.04% over the 24 hours. The bulls have recovered a good range from the support level of $6.82, and momentum is growing stronger. The bullish momentum that started yesterday is powerful enough that it recovered the previous days’ losses. The price went as high as $9.74 at one point, but then the cryptocurrency started correcting and trading hands at $9.53 at the time of writing.
The one-day FXS price token gives encouraging news for cryptocurrency buyers, as the price has increased significantly during the day. The selling pressure has decreased significantly since yesterday. If the bulls can break through the $9.74 resistance level, it could give way for further upside movement up to $10 and beyond. On the downside, if the buyers fail to break through this level, they may find strong support at $8.34. The trading volume at $125 million is also rising which is a good sign of further upside momentum, with a market cap of $664 million.
Overall, the outlook is bullish for Frax Share, and it looks like the bulls are on the march again. With technical indicators pointing to further upside. The moving average (MA) value is $6.64, just below the current level. The moving average convergence divergence (MACD) is also positive, and the histogram is trending upwards. The Relative Strength Index (RSI) is also indicating that the bulls are in control, with a value of 65.96.
The hourly FXS/USD is also in support of the buyers today as the price has constantly been increasing. The green candlesticks are marking a rise in price over the past four hours. The price has reached near the upper limit of the volatility indicator as the buyers currently control the market trends. Right now, the cryptocurrency value is found trading at $9.53 after gaining significant value. The moving average value in the four-hour price chart is standing at the $7.73 level after crossing above the SMA 50 curve.
The RSI graph shows horizontal movement as the indicator is trading at an index of 82.95, hinting at buying pressure in the market. On the other hand, the MACD is also sending out a bullish signal as it trades above the signal line. The Histograms in green are suggesting a rise in the buying volume of Frax Share.
To sum up, the FXS token is showing great bullish momentum, and the price has been steadily rising over the past 24 hours. The technical indicators point to further upside, and if the bulls can break through the $9.74 resistance level, it could signal a new uptrend in FXS/USD.