Frax Share Price Prediction: A Bearish Trend Looming?

FSX price is below the 20 and 50 days of EMA and is still behind the 100 and 200 days of DMA.
The current price of the FXS is $9.00, with a drop of 11.85% during the last intraday trading session.
The pair of FXS/BTC is around 0.0003134 BTC, dropping 7.09% in the last 24 hours.

The Frax Shares might face a trend reversal over the daily price chart. The sellers are trying to build a downward momentum buyers might try to resist. If the sellers continue to drive the price of Frax, it may result in the upcoming bearish trend.

During the intraday trading session, FXS has seen a decline of 11.85%, which is currently trading at $9.00. The FXS/BTC pair had also experienced a decline of about 7.09% and is currently valued at around 0.0003134 BTC. The price decrease indicates an increase in seller activity, which could lead to the token reaching its primary support level of approximately $7.47. If the buyers fail to act, the price may drop to its secondary support of $4.08, which would continue the bearish trend. However, if the buyers create upward momentum, the price may reach its primary resistance of around $10.53. Continuing the bullish trend, the price may reach its secondary resistance of $11.99.

Source: FXS/USD by TradingView

Frax Share has experienced a significant decline of 12.18% in its trading volume within the intraday trading session. This decrease in volume suggests an increase in short-selling pressure and a rise in selling activity. The current volume-to-market cap ratio for FXS is 0.0681.

The Technical Analysis of Frax Share

Source: FXS/USD by TradingView

The technical indicator shows that the Relative Strength Index, currently at 64.84 and higher than the average RSI of 63.63, is moving steadily toward the oversold region. The bears took advantage of the bulls’ planning and drove the RSI towards oversold territory despite their attempts to bring it back to neutrality. Investors are now closely monitoring the daily price chart to detect directional movements, as the current market conditions are not in their favor. FSX price is below the 20 and 50 days of EMA and is still behind the 100 and 200 days of DMA.

Conclusion

The Frax share price has seen a significant drop in its trading volume and has also experienced a decline in its price. This decline is due to increased seller activity, which may lead to a bearish trend. The Frax share price has seen a significant drop in its trading volume and has also experienced a decline in its price. This decline is due to an increase in seller activity, which may lead to a bearish trend

Technical Levels

Support Levels: $7.47 and $4.08

Resistance Levels: $10.53 and $11.99

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.