Frax Share (FXS) Bounces Strongly, This Is The Next Target

Frax Share (FXS) has confirmed a reversal in the uptrend and is expected to continue to rise in the future.

Weekly Outlook

The price of Frax Share (FXS) has declined since forming a double top pattern at an all-time high of $44 in April 2022. The downward move occurred quickly, pushing the price to the horizontal support zone of $4 in just 11 weeks.

After that, the FXS price has traded within the range of $4 to $7.5. In the week of January 9-16, 2023, it broke out of the range with a large bullish candle. As this coincided with the weekly RSI index breaking above 50, it may be seen as a sign marking the end of the downtrend.

The price continued to rise and retested the long-term resistance zone at $14. Although it was rejected, the FXS price successfully flipped the previous resistance zone into support (blue arrow). This indicates that FXS has started a new uptrend.

The nearest resistance level is found at $14. Breaking this level will help the price rise to the next resistance level at $17.

FXS/USDT weekly chart. Source: TradingView

Reclaiming a key level

The daily chart shows that FXS has formed an uptrend structure after bouncing off the support zone at $7.4. This move helped the price reclaim the important support zone at $9.7.

Therefore, the FXS price may rise to the next small resistance level at $11.7 and higher to the long-term resistance level at $14.

The daily RSI indicator supports this possibility as it broke out of the declining divergence line and is above 50.

FXS/USDT daily chart. Source: TradingView


Both short-term and long-term prospects show that the FXS price will continue to rise in the future. The nearest target is $11.7, and higher targets are found at $14 and $17.

This view may be affected if the price breaks down below the higher low at $8.5.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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