Although moving sideways since May, the FXS price retested the range low of $4.10 and then immediately shot up to the range high of $8.25 in the first two weeks of January–with a successful breakout on January 15.
FXS’ price is currently at $10.22, up by 16.23% for the day, 67.25% for the week, and 126.42% YTD. As the cryptocurrency continues to rise without any signs of slowing down, just how high can the FXS price go?
Frax Share (FXS) Price Prediction and Technical Analysis
The 20-day, 50-day, and 100-day EMA of FXS are currently at $6.8545, $5.9262, and $5.7747 respectively, while the 200-day EMA is at $7.4606. With FXS’ price trading above all of these key levels, the EMA indicator suggests that the short to long-term trend of FXS is bullish and that it has the potential to move further to the upside.
I’m slightly late to this one but I’ve been digging into FXS and I like it. Seems like there is genuinely an underappreciated fundamental story here and ETH withdrawals are the perfect catalyst to bring this to light. Will have more detailed thoughts later.
— Hal Press (@NorthRockLP) January 15, 2023
The trading volume of FXS is also on the rise, currently at 1.65 million, with a volume moving average of 850.738 thousand. This is a positive sign, as it indicates that there is significant buying interest in the cryptocurrency, confirming the bounce off its immediate support.
Another indicator that exhibits a bullish bias is the RSI, which is currently at 81.66. An RSI above 70 is considered overbought and suggests that the asset is becoming overvalued. However, in FXS’ case, the high RSI value indicates that the bulls are in control of the market. It is ideal to use the RSI together with other technical indicators to look for signs of potential reversal or continuation to the upside–especially in a trending market.
The MACD indicator also supports the bullish trend for FXS. The MACD line is currently at 1.061, the signal line at 0.659, and the histogram at 0.402, suggesting that the bullish momentum for FXS is strong and likely to continue.
— Kronos (@KronosBTC) January 19, 2023
The immediate resistance for this cryptocurrency is the range between $10.52 to $10.75. While the immediate support for FXS is the previous resistance now turned support range of $8.23 to $8.44. If FXS successfully retakes its immediate resistance, the next target would be $13.75 to $13.91 for an additional 29% move to the upside.
With the EMA, trading volume, RSI, and MACD all exhibiting a bullish outlook for Frax Share (FXS), traders and investors should be sure to keep risk management strategies in mind as they enter positions in this upward-trending cryptocurrency.
An Alternative to FXS
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