Frax Price Bulls In Check, Signaling An Unstoppable FXS Rally To $15
Frax price bullish outlook carries on undeterred by the first general crypto market pullback. Investors applied brakes on their aggressive push from the beginning of the year amid a reaction to the United States Justice Department’s international crypto enforcement action.
Despite calls for a brief pullback to allow key fundamentals to catch up, FXS is up over 13% in 24 hours to exchange hands at $10.00 in the early hours of the European session on Friday. Bulls seem to be comfortable holding the reins as they expand their gains to $15.00 and $20.00 levels, respectively.
Binance Futures announced on Thursday that it will launch FXSUSDT perpetual contracts on January 20, 2023, starting at 0300 UTC, with up to 20x leverage. FXS will be the futures contract underlying asset with settlement in USDT.
According to the blog post accompanying the announcement, the new trading instrument will be offered in a multi-asset mode, where users are allowed “to trade FXSUSDT Perpetual Contracts across multiple margin assets, subject to the applicable haircuts. For example, when the Multi-Asset Mode is activated, users can use BUSD as margin when trading FXSUSDT Perpetual Contracts.”
The ongoing bullish move on Frax price can be attributed to the support from the world’s largest crypto exchange by daily trading volume. Investors are scooping up FXS tokens in droves, possibly to diversify into the futures contracts.
CoinMarketCap, reveals an increase in accumulation, with the trading volume jumping 30% in 24 hours to $77 million. Following a 12% tick-up in market cap to 745 million, Frax is now the 58th largest crypto.
Bybit exchange also announced another listing for Frax starting January 20. FXS/USD is the new trading pair available for buying and selling on Bybit’s spot market platform.
(2) Bybit on Twitter: “📣 Coming Soon on #Bybit Spot: $FXS/USDT! @fraxfinance ( $FXS ) will be available to trade on #Bybit’s Spot market on Jan 20, 10AM UTC. Stay tuned! #TheCryptoArk #BybitSpot https://t.co/1Y8o4tpkBa” / Twitter
Frax Price Eyes $15 Next After Conquering $10
Frax price holds slightly above $10.00 and is almost exhausting a rectangle pattern breakout. Although such patterns as illustrated on the daily time frame chart have no bullish or bearish biases, they are often used to confirm the direction of the trend.
Therefore, traders look out for breaks above or below the rectangle. Like in the case of Frax price, blasting through the rectangle resistance at $7.71 opens the door to a potential 48.45% northbound move.
Notice how FXS price sharply lifted above the rectangle. It will likely exhaust the breakout target equal to the height of the pattern extrapolated above the breakout point. For now, bulls are concerned with establishing support at $10.00 to allow for momentum to build ahead of another push to $15.00 and hopefully $20.00.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator came into the picture when the MACD (line in blue) crossed above the signal line (in red). If the momentum indicator holds above the mean line while sustaining the call to buy FXS, Frax price would gradually close the gap to $15 over the weekend.
On the other hand, investors must approach Frax price cautiously, keeping in mind, the extremely oversold conditions. Based on the Relative Strength Index (RSI) FXS is defiantly trading beyond its fair market value and may be forced into a temporary retracement before the uptrend carries on. That said, some investors may book profits at $12.00 as they gauge FSX’s ability to reach $15.00.
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