🚨 1,650,000 #FXS (9,775,464 USD) transferred from #Frax to unknown wallet. The transaction has caused a significant drop in the FXS token price. Whales often make moves during weekends when retail traders are less active, taking advantage of low trading volume to create volatility in the market.
Currently, Frax Share price is declining after being rejected at the $6.206 resistance level. It has seen a cumulative 10% slump since then. The FXS token is at risk of falling back within the descending parallel channel unless the demand zone (green order block) holds as a support level. If Frax Share price breaks below the mean threshold at $5.424, it could fall to mid-September lows of around $5.223 or even September 11 lows at $5.021, leading to a continued downtrend.
The Relative Strength Index (RSI) shows falling momentum, while the Moving Average Convergence Divergence (MACD) indicators are fading and could soon turn negative. These indicators suggest that bears are gaining ground and support the downside thesis.
On the flip side, if the demand zone holds as a support level and Frax Share price sustains above $5.424, there is potential for recovery. Buying pressure could push the price above the 50- and 100-day Exponential Moving Averages (EMA) at $5.663 and $5.949 levels respectively. In a highly bullish scenario, Frax Share price could breach the $6.000 psychological level and reach the supply zone (red order block). To confirm an uptrend, the price must break the mean threshold at $6.206 and potentially reach the 200-day EMA at $6.532.
For conservative longs, take-profit levels should be around the 100-day EMA at $5.948, with stop losses just below the mean threshold at $5.424. Short positions can set take-profit levels at $5.130, but confirmation is needed to see if the demand zone holds as a support level.
Meanwhile, there is another project called BTCMTX that offers better prospects, with analysts predicting 10X growth potential. BTCMTX is the native asset for the Bitcoin Minetrix ecosystem, a tokenized cloud mining project that allows users to mine Bitcoin (BTC) in a decentralized manner. The project aims to eliminate risks associated with intermediary-related cloud mining scams, offering full control to token holders.
To participate in BTCMTX, you can buy tokens and stake your holdings for high Annual Percentage Yields (APY). The current APY is 3306%, and over 12.6 million BTCMTX tokens have been staked so far. In the presale stage, one BTCMTX token sells for $0.011, but the value is expected to increase in the next stage.
Hot Take: Frax Share (FXS) faces downside implications after a significant drop in price and the potential for further decline. However, there is an alternative project called BTCMTX that offers promising growth potential with decentralized Bitcoin mining opportunities.
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