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Frontier (FRONT) Bounces After Creating Double Bottom Pattern

1 min
Updated by Geraint Price
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In Brief

  • FRONT reached a new all-time low on May 12.
  • There is resistance at $0.41.
  • FRONT has broken out from a short- and a long-term descending resistance line.
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Frontier (FRONT) has been increasing since reaching an all-time low on May 12 and has broken out from both a short- and a long-term resistance line.

FRONT has been decreasing underneath a descending resistance line since reaching a high of $2.05 on Sept 19.  The downward movement led to a new all-time low price of $0.124 on May 12. 

However, the price bounced afterwards and managed to break out from the line on June 25. 

If the upward movement continues, the closest resistance area would be at $0.41.

FRONT Breakout
FRONT/USDT Chart By TradingView

Double bottom pattern

A closer look at the daily movement increases the legitimacy of the breakout. There are three main reasons for this. 

Firstly, the price has created a double bottom, which is considered a bullish reversal pattern. Secondly, the pattern has been combined with bullish divergence in the daily RSI. The RSI has now moved above 50, in what is considered another bullish sign. Finally, the price has also broken out from a shorter-term descending resistance line.

So, the daily readings and price action both support the continuation of the upward movement towards the $0.41 resistance. 

FRONT Breakout
FRONT/USDT Chart By TradingView

Short-term FRONT movement

Cryptocurrency trader @CryptoCheFamily tweeted a chart of FRONT, stating that the price could increase since it has moved above some important moving averages (MA).

Source: Twitter

The price has created a higher low since the tweet (green icon), but has failed to move above the midline of a potential ascending parallel channel (red icon).

But, even if the entire bounce is corrective, an upward movement towards at least $0.35 would be expected. This would give both portions of the increase an exactly 1:1 ratio.

Short-term FRONT Channel
FRONT/USDT Chart By TradingView

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for...