While BTC has experienced a slight increase over the past few days, testing the $36,000 mark, there have been no significant changes on its chart since our last analysis. Here’s an overview of the market situation for Frax Share (FXS) and Lido DAO (LDO) as of Thursday, November 2.
Frax Share (FXS)
FXS hasn't mirrored BTC’s explosive growth just yet. However, the Frax Share chart is currently on an upward trend, and the asset is experiencing steady growth, marked by occasional corrections and pullbacks.
Today, FXS reached a new local high at $6.43. The asset’s main objective is to maintain its upward momentum. The upcoming resistance levels for buyers are positioned at $6.65 and the psychological threshold of $7. If BTC continues to trade within a narrow range, FXS could potentially break through these levels in the foreseeable future.
A correction in line with the primary trend is also a possibility. Buyer orders are stacked within the support zone of $5.65-$5.84, as well as at the $5.46 and $5.21 levels. These zones could be appealing entry points for buyers.
FXS chart on the H2 timeframe
Lido DAO (LDO)
Lido DAO continues to exhibit an upward trend, having increased by 33% since October 20.
Nevertheless, LDO is currently trading sideways, fluctuating between the $1.72 and $1.93 levels. If the market maintains its positive momentum, the coin may have the opportunity to retest the psychological threshold of $2 and approach the subsequent resistance level at $2.11.
In the event of a correction, Lido DAO buyers might become more active within the support zone ranging from $1.72 to $1.79, or even at the $1.65 level. A drop below these levels seems unlikely at this juncture unless BTC experiences a significant decline.
LDO chart on the H2 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
