The FXS coin is built on BTC standards and follows ERC 20 token standards. It has 18 decimal points on the blockchain platoform. The coin was created by a founding team, which was led by Sam Kazemian. He is also a co-founder of Frax Protocol.
The Frax share has seen a very huge spike of 146.62% in the derivatives volume of the crypto. It led to an advance of 16.65% in the open interest of the crypto. The current open interest of the coin is $15.62M. The coin also is following a long/short ratio of 1.0329.
The market cap for the coin has advanced by 2.71%, reslting in $410.65M. The spot volume has also advanced by 113.69%. It indicates the huge interest of trading community in the Frax share.
The FXS has a volume/market cap ratio of 4.23%. It has a circulating supply of 74.09M FXS ahead a total supply of 99.681M FXS.
Frax Share Price Technical Analysis
The coin price has been consolidating inside the zone and is forming bullish candlesticks. After a huge decline from higher levels, the coin seems to be creating base at the bottom levels. It could be an accumulation zone and the coin can skyrocket from here.
The coin’s price is falling below the EMA’s and making lower highs, showing that the sellers have more power in the market. The 50-day and the 200-day EMAs are crossing each other in a downward direction, which is a bearish sign.
The RSI of the token is crossing above the 50-level. If it hits the overbought zones, the price would become bullish.
Frax Share Derivative Volume Analysis
Despite increase in the volume of the coin, there is no significant liquidation seen in the price of the coin. It shows that the coin price has not become directional.
Conclusion
The Frax share coin is consolidating in a range, making equal highs and lows. There is also good advance in volume of the coin. The RSI is acting mildly bullish to uncertain but the EMA is totally bearish on the charts.
Therefore, if the price of the coin breaks above the consolidation zone, it can lead to much higher levels. Otherwise, the FXS token price may continue to decline and stay volatile.
Technical Levels
- Support levels for the Frax Share Coin are: 0.000156 BTC and $0.0002124 BTC
- Resistance levels for the Frax Share Coin are: $0.000280 BTC and $0.000351 BTC
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/25/the-fxs-coin-about-to-break-above-consolidation-zone-what-now/