Frax Share on The Verge of Breaking Out Above Channel Pattern!
Frax Share was created by a team led by Sam Kazemian. He and his team is also known as the co-founder of Frax Protocol. It is a non-stable utility token. Frax Share is designed to hold governance rights and play a crucial role. The holders of FXS are provided with governance rights. It enables them to influence critical parameters in the system by avoiding the complexity of active management.
The spot volume for the FXS crypto has declined by 9.60% in the last 24 hours, resulting in $21.75M. It is followed up by a market cap of $412.05M. The market cap has advanced by 2.37% in the last 24 hours. The Frax Share crypto has a volume/market cap ratio of 5.26%.
The Frax Share made an all-time high on Jan 12, 2022, and the price has been consistently declining since then. The all-time low price of the FXS crypto is $1.50. FXS coin is trading 268.17% above its all-time low price. The market cap rank of the coin as per Coingecko is #87.
Frax Share Coin Technical Analysis
The consistent decline in the price of Frax Share has led it to much lower levels. The FXS price is currently trading inside the falling wedge pattern. The price is slowly declining to lower levels with the pattern but it is currently trading at the edge of the pattern.
Following up with the decline in price, the 50-day and the 200-day EMA are trading in a death cross. Frax Share is currently trading below the EMAs, leading to a downtrend.
The RSI for the FXS crypto is also acting volatile and trading at the level of 50. It represents uncertainty in the price of the coin.
Conclusion
The price of the coin has been following a downtrend and is trading inside a wedge pattern. The EMA is also bearish while the RSI is acting uncertain. There is also no significant activity of the coin.
Therefore, if the coin breaks above the wedge pattern, we might get to see an advance in the token price. Otherwise, the coin price may continue to decline to lower levels.
Technical Levels
- Support levels for the Frax Share Coin are: $4.10 and $5.00
- Resistance levels for the Frax Share Coin are: $7.00 and $10.50
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
