FXS is showing great momentum after a false break of support at 4.841 (touching wedge support). The coin strengthens by 27% and breaks consolidation resistance.
The bulls are trying to take control of the situation. A retest of strong resistance 5.866 is forming and is currently sandwiched in a local range between the previously broken wedge boundary and between resistance 5.866.
Against the backdrop of strengthening BTC ,FXS price is also growing and currently stands at 5.750. SMA50 was also broken earlier.
The main goal for the buyers is to consolidate above the wedge or above the level of 5.866 after its breakout. After that, we are likely to see a strengthening towards 6.960 and even to 8.800.
Support levels: the previously broken wedge boundary, MA-50, 4.841
Resistance levels: 5.866, 6.959
I expect that the bulls will be able to hold their positions. If it succeeds, the coin will start to rise to 6.959
Against the backdrop of strengthening BTC ,FXS price is also growing and currently stands at 5.750. SMA50 was also broken earlier.
The main goal for the buyers is to consolidate above the wedge or above the level of 5.866 after its breakout. After that, we are likely to see a strengthening towards 6.960 and even to 8.800.
Support levels: the previously broken wedge boundary, MA-50, 4.841
Resistance levels: 5.866, 6.959
I expect that the bulls will be able to hold their positions. If it succeeds, the coin will start to rise to 6.959