The Frax crypto is ranked the 213th crypto project in terms of market capitalization on the Coinmarketcap website. In the last 24 hours, its market value has declined by 0.36%, and its volume has optimized by 12.85%. The market value stands at $649,429,432, and the volume stands at $5,226,085.
Furthermore, it has exhibited a fragile performance in the last week, month, and quarter, merely gaining by 0.84%, 0.06%, and 5.61%, respectively. That displays that the sellers have been dominant before, but the sellers have not been able to pierce through the price below $0.9700 support, and price action build-up shows the seller’s rejection on the daily chart.
It’s also come into sight that the trading area of the FRAX price has also diminished, which indicates that the sellers and buyers are mostly in balance, and any imbalance could boost a giant move.
Will the Frax Crypto Price Break the Barrier or the Support?
The daily chart highlights that the crypto advanced from $0.9300 to $1.0500 but then plunged back and followed the downward trendline resistance. At the time of publishing, the FRAX crypto price is up by 0.36% in the last 24 hours. It is now trading at $0.9880 and below a trendline.
The FRAX crypto is exhibiting a bullish structure on the chart. It could soon show an upside recovery, as the price has maintained over the crucial level of $0.9700 and has spent a reasonable amount of time on it.
Therefore, if the buyers surge with the momentum, the FRAX price could rebound strongly from the current support zone. The next target for the FRAX price would be $1.0850, and the primary barrier along the process would be $1.0300.
Conversely, if the FRAX price plunges beneath the $0.9700 level, it could show a downside potential and fall further to $0.9300.
In addition, the FRAX crypto seems ready to show an enormous rally soon; buyers must try harder. The price action on the daily chart seems like it has been gathering buying strength to break the barrier and boost new zeniths from the current support zone.
On top of that, the crypto asset highlights positivity for the price action on the daily chart, as the asset has been approaching 20, and 50-day EMA bands to cut them from below.
The MACD indicator exhibits that both the MACD and signal lines have crossed each other and show a bullish crossover for the FRAX price with a broadened histogram. The MACD line is at -0.0007, the signal line is at -0.0017, and the current histogram value is at 0.0010.
The FRAX asset also exhibits optimism as the RSI is increasing and has crossed the 14 SMA-smoothed line from below, indicating that the crypto is gaining buyers’ interest and shows tendencies to reach new levels.
Summary
The price action has been gathering buying strength to break the barrier and tremendously boost new zeniths from the current support zone, and the asset has been approaching 20- and 50-day EMA bands to cut them from below.
Therefore, if the buyers surge with momentum, the FRAX price could rebound strongly from the current support zone. The next target for the FRAX price would be $1.0850, and the primary barrier along the process would be $1.0300.
Technical Levels
Support Levels: $0.9700
Resistance Levels: $1.0300
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/02/12/can-frax-crypto-price-display-optimism-reach-higher/