Frax Share (Binance: FXSBUSD) has broken out of the triangle pattern in the four-hour chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, FXS began a red wave one advance on February 26. The red wave one (blue sub-waves i-ii-iii-iv-v) peaked on February 27 and the red wave two (blue sub-waves a-b-c) correction ended on March 5. If this wave count is correct, FXS should be heading next towards the February 27 peak in the red wave three.
(Chart courtesy of Tradingview.com (log scale))
Funnymentals
Frax Protocol has two tokens – FRAX is the stablecoin targeting a tight band around $1/coin. Frax Shares (FXS) is the governance token which accrues fees, seigniorage revenue, and excess collateral value. The Defiant explained the protocol in more detail.
(Sources: https://frax.finance/)How Will Frax Share Trade?
Frax Share (Binance: FXSBUSD) four-hour chart by Tradingview.
(Chart courtesy of Tradingview.com (log scale))
Prizes
I will be giving upvotes to the correct answers with minimum reputation of 25.
Rules
This poll will expire in one week. Only one vote per person.
Which one will happen first?
Please select one of the three choices and comment below.
FXS will takeout the February 27 peak
FXS will drop below the February 26 low
FXS will stay in a trading range between the February 26 low and the February 27 peak until April 13