FRONTIER PRICE ANALYSIS & PREDICTION (May 9) – Front Signals Bull Run Following 120% Weekly Surge, Now Undergoing Slight Retracement

2024-5-10 23:45

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 Source: Tradingview

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.

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Image Source: musgraphicalabri/123RF // Image Effects by Colorcinch

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