- FXS token price is on an uptrend and as a result, token price has been in a small range.
- FXS token price is forming a small range pattern indicating a big movement in upcoming trading days.
- Pair of FXS/BTC is trading at a price level of 0.005933 with an increase of 0.12% in the last couple of trading days.
On a smaller time scale, FXS token price is trading toward a supply zone, whereas, on a bigger time frame, token price is trading near a demand zone. FXS token price is trading above long-term demand zone after a significant rebound. Despite the market’s strong adverse emotions, token price has managed to stay above the demand zone.
FXS token price is stuck in a range
At daily intervals, FXS token price is exhibiting an arrangement of ascending peaks and troughs. However, over a longer timeframe, token’s value continues to establish a pattern of decreasing peaks and troughs. Presently, the token’s value is trading above a 50 and 25 Moving Averages, indicating a positive trend. Consequently, token’s value has climbed beyond these Moving Averages, leading to substantial support for its ongoing ascent.
Moreover, a token value has been unable to surpass an upper band of a Bollinger band, and it remains within a bounds of this range. Due to an increase in trading volume, there has been a rise in volatility, and as such, investors are advised to exercise caution and wait for a clear trend to emerge.
FXS token price has been trading inside a parallel sideways channel
The ADX curve has been dipping on a higher time frame as the token continues to fall. In a daily time frame, an ADX curve has dipped out of a 20 mark and has turned upwards. As token price rests at a short-term demand zone on a 4-hour time frame. It is a positive sign for a token price. Investors should wait for a positive candle formation at the demand zone.
The RSI curve is trading at a level of 49.75. a RSI curve has crossed a halfway mark of 50. Once a token gives a breakout of a rounding bottom pattern on a daily time frame, RSI curve can be seen moving up. a RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
Super trend indicator is positive as token price broke an important small-term supply zone on a daily time frame. Since the token price has failed to give a breakout of a supply zone in a larger time frame. As of now, the token price has broken the super trend sell line which has triggered a buy line.
Conclusion: FXS token price has been hovering around a supply zone. technical parameters suggest a bullish move in the upcoming days. a price action is also suggesting the same. It remains to see if token price will break a rounding bottom pattern or fall heavily
Support: $9.8 and $9.4
Resistance: $12.34 and $14.56
Disclaimer
The views and opinions stated by an author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets 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.
Source: https://www.thecoinrepublic.com/2023/02/17/fxs-token-price-analysis-bears-strangle-the-price-movement/