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The Axie infinity (AXS) price action displays a bull cycle gaining momentum within the consolidation range that shows potential to reach the $20 mark. However, the volatile market conditions question the bullish trend continuation and project the possibility of an early bearish reversal. So, should you consider going bullish by neglecting the overall market trend?
Key points Of AXS Analysis:
- The AXS price breakout from $15 resistance may surge price to $20
- Reversal from the $15.27 or $17 may retest the bottom support of $12.77.
- The intraday trading volume in Axie infinity (AXS) coin is $167.2 Million, indicating an 81.26% gain.
Source- Tradingview
In the daily chart, Axie Infinity (AXS) displays the long consolidation range between $12.77 and the overhead resistance of $20. Furthermore, the recent bear cycle within the consolidation range coincided with the sell-off in the crypto market resulting in a price drop to $12.77.
The AXS prices display a bull cycle regaining momentum as it exceeds the 20-day EMA and reclaims the $15 mark.
Currently, the price action displays a bullish engulfing candle challenging the $15.27 resistance level with growth of 8%. Thus, the Short-term buyers can expect the bullish breakout of $15.27 to reach the next horizontal milestone at $17.
However, the regaining bullish momentum with a boom in the intraday trading volume shows the potential to jump to $20.
Nonetheless, a sudden increase in the selling pressure at $15.27 or $17 can result in an early bearish reversal which may retest the bottom support level of $12.77.
Technical indicator
The DMI Indicator shows the DI lines overcoming the bearish gap to give a bullish crossover reflecting an increase in the underlying bullishness.
Moreover, the RSI slope spikes above the 14-day SMA to challenge the halfway line reflecting a boom in the underlying bullish sentiments.
- Resistance levels- $15.27 and $17
- Support levels- $12.77 and $10
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