Frax

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The Bitcoin rally continues as the cryptocurrency smashes all resistance levels and seems ready to reclaim more ground. The number one crypto by market capitalization has seen a double-digit gain over the previous week leading the top performers in the sector. 

As of this writing, Bitcoin traded at $21,400 with sideways movement in the last 24 hours. The BTC price records a 23% rally in the previous seven days. Other cryptocurrencies in the top 10 record similar price action with Ethereum (19%) and Polygon (18%).
The crypto has seen some losses but could recover during today’s trading session.

Bitcoin Shorts Are Wipeout, Bear Market Over?
Any “good” price rally must be a “hated” rally; Bitcoin follows this rule. As the cryptocurrency trended to the upside from its yearly lows, crypto traders began shorting it with overleverage positions.
When Bitcoin was about to breach $17,500, the price action went sideways, allowing overleverage shorts to take positions; these traders were expecting BTC to fail the re-test of this resistance level. Their positions provided liquidity to the upside and the fuel to send Bitcoin to its current levels.
According to a report from Bitfinex, $450 million were recorded in short liquidations as BTC began its ascend. This data represents the most significant short squeeze since July 2021 across the crypto market, as seen in the chart below.

The BTC price action is displaying a similar behavior; it’s moving sideways as shorts pile in, expecting to profit from another crash. Their positions could still provide fuel for this rally, but the report warns about long traders going greedy, expecting further appreciation:
It is typical for bear markets to have a complete wipeout of shorts (…). even with the leg up, the market remains highly illiquid, and with the sharp fall in Open Interest over the weekend, a pullback might be expected with a cautious approach from bulls.
Some Room To Run
Additional data from a pseudonym analyst indicates that Open Interest, the number of total positions for the derivatives sector, is still skewed to the short side. Thus, traders could see more short-term appreciation before Bitcoin and Ethereum record a pullback.

In this scenario, the $19,600 and $19,700 areas have confluence with the 200-day simple moving average and the liquidity of long positions using 50x leverage or more. In other words, these levels should operate as critical support if BTC begins retracing its gains.

As seen in the chart above, $19,600 is crucial if Bitcoin continues to crash.


The Bitcoin rally continues as the cryptocurrency smashes all resistance levels and seems ready to reclaim more ground. The number one crypto by market capitalization has seen a double-digit gain over the previous week leading the top performers in the sector. Related Reading: Ethereum-Based Frax...

newsbtc.com

Bitcoin Soars to $21,500 On “Hated Rally,” Is There Fuel To Keep Rising?

In the last seven days, the Ethereum-based project Frax Finance is the second biggest winner within the top 100 cryptocurrencies by market cap. With a price increase of 64%, the FXS token is only behind Decentraland (MANA), which has surged 76% within the same period.
With the massive pump, Frax Share Token (FXS) has moved up to the 63rd position in the ranking by market cap and has seen a bullish rally since January 2. While the price was $4.09 on that day, FXS was at $9.06 at press time.
When the price briefly rose above $10 yesterday, the gain was over 140% since January 2. In the 1-day chart, FXS has broken the resistance zone established in May last year between $7.40 and $8.20 and is now facing resistance at $10.02.
The first two attempts to break this resistance have failed for now, so a retest of the former resistance zone could be on the cards before the Frax token continues to rally. This would also be a much-needed correction, as the RSI on the daily chart is still at 83.

The weekly chart confirms the extremely bullish picture for the FXS token. Once the price consolidates in the daily chart and subsequently breaks the $10.02 level, the way would be clear for a rise toward $13.

The price level served as strong support in November and December 2021, before FXS rallied to an all-time high of $52.80 in January 2022.

What Do The Fundamentals Of Frax (FXS) Suggest?
As NewsBTC reported, Frax Finance is benefiting from the liquid staking (LSD) narrative that emerged earlier this year and has since caused all LSD tokens to skyrocket. However, it is questionable whether the hype can continue for a longer period of time.

As Jordi Alexander, CIO of Selini Capital explained, the Ethereum Shanghai hard fork could be in for a rude awakening:
ETH staking is going to explode after the Shanghai fork allows withdrawals- esp. now as Metamask integration makes it easy for Dummies. But LSD tokens are overvalued in anticipation of this – revenue is not going to change much, bc reward yields will plunge as staking % goes up.
But analyst Thor Hartvigsen doubts whether the same will be true for Frax Finance. The analyst shared five reasons via Twitter why Frax Finance will be a key player in DeFi this year.
The first reason is that Frax offers the largest APR among liquid staking providers at 6-10%, while its nearest competitor is only around 5%. The main reason for this difference is that frxETH can be used in DeFi applications such as the ETH/frxETH Curve pool.
The second reason Hartvigsen cites is that Frax Finance has made extensive improvements since its inception, in particular, it has improved its model (FRAXV2) and “has become a huge liquidity engine with a range of products.”
These include algorithmic market operations (AMOs), FraxSwap, FraxLend, FraxFerry (native bridge design), ETH liquid staking, and FPI (US inflation rate linked stablecoin).

¤ Frax Finance has been crushing it lately
And with their growing ecosystem of DeFi products, $FXS has a TON of upside in 2023.
Here are 5 reasons why @fraxfinance will be a central player in DeFi this year and how you should be taking advantage of this  1/19 pic.twitter.com/epFMEgY4HF
— Thor Hartvigsen (@ThorHartvigsen) January 17, 2023

Third, it’s the AMOs that make Frax special, as they don’t just let collateral sit dormant, but use it in various DeFi applications. It also offers some of the highest stablecoin yields, which significantly strengthens FXS by increasing liquidity on Curve.
Last but not least, Hartvigsen points to Frax’s roadmap to reach a market cap in the trillions and become the risk-free underlying in DeFi. The analyst touts the Fed Master Account (FMA) as the biggest innovation:
A FMA is dollars deposited directly into the FED treasury’s ledger and grants access to US Treasuries. The FED gives a status on the ledger once a day which essentially is the ultimate audit.
This would make FRAX one of the closest things to a ‘risk free dollar’. It’s a very ambitious goal however and likely a few years away.
Featured image from Inside Out, Charts from TradingView.com


In the last seven days, the Ethereum-based project Frax Finance is the second biggest winner within the top 100 cryptocurrencies by market cap. With a price increase of 64%, the FXS token is only behind Decentraland (MANA), which has surged 76% within the same period. With the massive pump, Frax ...

Ethereum-Based Frax Finance (FXS) Is Up 64%, Is There Still Opportunity?

A closely followed crypto trader says Decentraland (MANA), ApeCoin (APE) and Frax Share (FXS) are setting the stage for big rallies.
The pseudonymous trader Cantering Clark tells his 156,700 Twitter followers that the metaverse protocol Decentraland is showing a short bear squeeze, signaling further upside.

“GameFi and metaverse pumping. If I had to guess, MANA has the potential to get even more violent to the upside given that OI [Open Interest] is nearly double what it normally was, before a bunch of Barry-related shorts and hedges were tagged on. This squeeze has more fuel.”
Source: CanteringClark/Twitter
A short squeeze happens when traders who borrow units of an asset at a certain price in hopes of selling them for a lower price to pocket the difference are forced to buy assets back as the trade moves against their bias.
At time of writing, MANA is valued at $0.41, up over 38% from its low this month of $0.295.
Looking at APE, Cantering Clark says the native token of the Bored Ape Yacht Club community is likely going to continue upward after taking out its immediate resistance.
“A close through $4.30 for the weekly is setting up right now with only 30 minutes left. If metaverse and GameFi are going to continue to pump, APE catches wind in its sails.”
Source: CanteringClark/Twitter
APE is valued at $4.52 at time of writing. A move toward the analyst’s target of $7.20 suggests an upside potential of nearly 60% for APE.
Lastly, he says FXS, the governance token for the Frax stablecoin protocol, appears to be forming a solid bottom and could be gearing up for a breakout.
“I see FXS catching a bid again, and this three-day chart has a granite bottom. I am betting on this breaking up, and positioning accordingly.”
Source: CanteringClark/Twitter
At time of writing, FXS is changing hands at $5.53.
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The post Top Crypto Strategist Predicts Violent Rallies for Decentraland, ApeCoin and One Additional Altcoin appeared first on The Daily Hodl.


A closely followed crypto trader says Decentraland (MANA), ApeCoin (APE) and Frax Share (FXS) are setting the stage for big rallies. The pseudonymous trader Cantering Clark tells his 156,700 Twitter followers that the metaverse protocol Decentraland is showing a short bear squeeze, signaling furt...

Frax price	$0.999
Low - High 24H	$0.993334 - $1.00
Market cap	$1.02B
Volume 24H	$10.31M
All time high	$1.14 -12.48% February 7th 2021
All time low	$0.891635 11.95% December 4th 2021
Genesis date	N/A

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