Frax Share Made a Descending Triangle Pattern: Will It Decline?

• Frax Share coin is trading at $5.3, with a decline of 4% in today’s market session.
• Frax Share (FXS) price has given a return of over 45% in the last six months.
• The RSI line for the FXS is moving in a negative zone.

The Frax Protocol represents a pioneering fractional-algorithmic stablecoin ecosystem. Frax is characterized by its open-source nature, permissionless access, and full on-chain functionality, currently operational within the Ethereum network.

The price trend of Frax Share (FXS) coin is currently displaying a downward trajectory, marked by the formation of successive lower lows. At present, the price is contained within the confines of an ascending triangle pattern.

Financial Data of Frax Share (FXS)

The current trading value of FXS stands at $5.4, marking a 4% decline during today’s market session. With an average trading volume of 4.3K and a circulating supply of 74.3 million coins, This token shows moderate market activity. Also, the price has given a negative return of -47% in the last six months.

As per LunarCrush, the total market volume for Frax Share is $27.33 million, which experienced a minor decrease of -0.57% in today’s market session. The prevailing bearish sentiment has notably increased by 96.88%, indicating a dominance of sellers in the market and an escalating negative sentiment.

Frax Share (FXS) reached an all-time high of $42.6 in April 2023. Subsequently, the price embarked on a prolonged downward trajectory, declining by approximately 88.12% by the end of June 2023. Notably, the price discovered a support level of around $4.2, leading to a bullish attempt that drove the price up by nearly 280%. Nevertheless, this bullish momentum proved short-lived, as the price resumed its decline.

This price movement has shaped a descending triangle pattern, with the price currently hovering near the support level. The overall weekly pattern appears weak, heightening the likelihood of further price declines in the days to come.

Frax Share (FXS) Technical Analysis

FXS by writer50_tcr on TradingView.com

At present the RSI is positioned below the 50 level, accompanied by the RSI line being below the signal line. This configuration indicates that the price is operating in a bearish zone, suggesting a potential further decline in its value.

Furthermore, the MACD is currently below the signal line, signifying the existence of bearish pressure on the price. This bearish pressure has the potential to exert a downward influence on the price.

Conclusion

In conclusion, the Frax Share (FXS) coin is moving in a downtrend. The price has given a negative return in the previous months and it is trading in a negative pattern. Thus, the price is likely to fall in the upcoming days.

Technical Levels·

• Support Level: $4.24
• Resistance Level: $6.9

Disclaimer

The views and opinions of the author or anyone named in this article are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.