Crypto News– While enduring a bearish market, the Frax Share (FXS) price exhibited remarkable strength by surging 7% and breaching a long-standing 230-day descending resistance trendline.
Top 100 Cryptocurrencies Witness a 7% Surge in the Past 24 Hours, Spearheaded by this Altcoin
In addition to this substantial long-term breakthrough, the FXS price successfully outperformed a shorter-term descending resistance trendline. Yet, the question remains: does it have the potential to extend its gains?
The FXS price had been confined beneath a descending resistance trendline since February, leading to a low of $4.60 on June 15.
Upon attempting an upward trajectory, the price encountered resistance at the trendline again on August 15 (as indicated by the red icon). However, it managed to establish a higher low in September, ultimately culminating in a breakout from the formidable resistance trendline.
At the moment of the breakout, this trendline had been a prominent feature for an astounding 230 days. Following the breakout, the FXS price returned to confirm the trendline as a newfound support level (as represented by the green icon) and seemingly commenced an upward trend on October 12.
Despite this impressive surge, the altcoin’s trading levels remain in close proximity to its pre-breakout values.
Staking Vault Welcomes Exciting Incentive Enhancements for Token Holders
The ongoing surge may be attributed, in part, to the introduction of sFRAX. sFrax represents a staking vault designed to leverage the escalating Treasury Yields. Users have the opportunity to stake FRAX and receive the Treasury Bill Yield, which is anticipated to commence at 10%.
Sam Kazemian, the founder of Frax Shares, suggests that the yield might gradually decline to 5% but is not expected to dip below that threshold.
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