NewsletterAXS Price Analysis: Reversal Within Range May Tank Prices by 20%
The Axie infinity (AXS) price triggers a bear cycle within the range-bound rally. Under the pattern influence, this reversal may offset the recent recovery and plunge the altcoin by 20%. However, technical indicators foretell the prices may show a significant upswing in the near future.
Key points:
- The AXS price breakdown from $15.2 support opens the path for another 18% fall
- RSI divergence indicator the constitution end in the buyers’ favor
- The intraday trading volume in Axie infinity (AXS) coin is $222.7 Million, indicating a 37.2% loss.
Source- Tradingview
On July 13th, the AXS/USDT pair showcased its third reversal from the $12.4 bottom support indicating it as a strong accumulation zone. The bullish reversal surged 41% within a fortnight and hit the monthly resistance of $18.23.
However, as the Bitcoin price slides lower, several altcoins face the same fate, and the AXS price is no exception. Thus, on July 24th, the coin price reverted from this resistance with an inside candle and plunged 13.61% in the last two days.
Furthermore, the AXS chart shows the price has bounced thrice from the $12.4 support and twice from $18.23 resistance, indicating a range-bound rally.
A new bear cycle within this range may soon retest in-between support of the $15.2 mark. However, if the AXS holders also lose this support, the coin price would sink 18.7% and revisit the $12.4 support.
On a contrary note, if the coin price bounced back from either of aforementioned support, the buyers may rechallenge the top overhead resistance of the $18.23 mark.
Technical indicator
A lateral walk-in Bollinger band indicator accentuates the ongoing consolidation in AXS price. Furthermore, the falling price approaching the indicator’s midline at $15.3 support increases the possibility of reversal.
The daily-RSI slope is rising, although a range rally in price action indicates growth in bullish momentum. Thus, bullish divergence suggests the coin price may eventually breach the $18.23 resistance.
- Resistance levels- $18.23 and $24
- Support levels- $15.35 and $12.4
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