While most altcoins are still struggling to come back from their recent lows, Front regained strength last week and has been on a buying spree ever since. Despite witnessing slight retracement, it still holds 8% gain.
Starting the year on a positive note, Front rallied by almost 10x to reach $3.08 in mid-March but it quickly lost steam due to the sudden correction that hit the crypto space. That led to a bearish close in the first quarter of the year.
It witnessed more breakdowns in April and dumped heavily to a low of $0.57, losing more than 80% of its value in a month. Although it halted selling and gathered liquidity for days before showing signs of strength last week.
Meanwhile, that bearish correction provided the bulls with a huge discount for long-term accumulation. They took advantage of it and pushed the price consistently to $1.88 yesterday, revealing strength in the market. The price retraced and now floats above $1.5.
However, the crypto has formed a bullish pattern on the weekly chart, indicating a strong signal for a buy. With the latest surge in volatility, Front could flip $3 next week if the demand level continues to rise.
Technically, the short-term bearish party appears over. The only condition for bearish lies in a crash below the mentioned April’s low. Right now, the bulls are back in control.
Front’s Key Level to Watch
The price is currently down but the bulls are eyeing the $2 level. If they claim it, their next area of interest would be $2.5 and the crucial $3.08 resistance level. Overcoming it should set the price for a stronger price movement.
Aside from the close $1.35 support, $1 and $0.75 are the next key levels to watch for potential drops. If the price dips below it, Front could revisit last month’s low.
Key Resistance Levels: $1.88, $2, $2.5
Key Support Levels: $1.35, $1, $0.75
- Spot Price: $1.55
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: musgraphicalabri/123RF // Image Effects by Colorcinch