Cryptocurrencies To Look Out for This Week: SHIB, FXS, TRX

This week, many cryptocurrencies are going to be on the rise. Some cryptocurrencies that might be on the rise are SHIB, FXS, and TRX

Shiba Inu (SHIB)

Interest in the meme coin Shiba Inu (SHIB) spiked after a severe price correction in 2022 – after the correction, traders became interested and invested more. As a result, Shiba Inu, the 12th highest crypto coin by market cap, recently saw its price increase by 33.4%.

This is due to a belief that the Ethereum blockchain will soon be upgraded with a merge upgrade which Vitalik Buterin has said is expected on September 15th. As a result, SHIB token price surged 34% on Monday and is currently the most trending digital asset.

On a 1H timeframe, the price action of $SHIB/USDT is working inside the right shoulder of the head and shoulder pattern. If it breaks the neckline, then it can go downwards.

On the other hand, if it breaks the shoulder upside, then the pattern is invalid.

Shib Price Chart August 2022
SHIB Price Chart August 2022

Frax Share (FXS)

Frax is an algorithmic, fractional-reserve stablecoin created and formulated in the Frax Protocol. The properties of the cryptocurrency have been observed to have a more stable value than any other altcoins.

In the Frax protocol, decentralized digital assets will be replaced with a new type of cryptocurrency: optimized algorithms. This improves scalability and decentralizes ownership to anyone who wants it.

Frax is what’s called a stablecoin. A digital currency pegged to another, more stable one. It has recently collected substantial funding from Yield Growers and Liquidity Providers.

These groups have received sixty percent of FXS supply through a distribution process organized within the community.

On a 2H timeframe, the price action of $FXS/USDT consolidates inside the descending channel.

Currently, it is getting rejected from the resistance trendline and has also broken the horizontal support zone. Therefore, we have to wait for a successful breakout.

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Fxs Price Chart August 2022
FXS Price Chart August 2022

TRON (TRX)

Tron is a decentralized, blockchain-based operating network (protocol) developed to give digital content creators full ownership rights to be motivated with more rewards for their work.

In addition, the TRON network has smart contract functionality and a Proof of Stake as its consensus algorithm, making it an alternative to the Ethereum blockchain.

After reviewing TRON’s more technical specs, it appears that TRON is faster than Ethereum, a highly popular crypto, and it will be a good choice for this year.

On a 1D timeframe, the price action of $TRX/USDT strongly consolidates inside the ascending triangle.

We must wait for a successful breakout or breakdown to confirm its next direction.

Trx Price Chart August 2022
TRX Price Chart August 2022

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Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.

Disclaimer: Our analysis is for educational purposes.

Pratyaksh
Pratyaksh

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