Price Analysis

$15 Breakout Opens The Path For 27% rally; Buy AXS now?

With the price jump of X%, the AXS prices reclaim the $15 mark and show potential to reach the overhead resistance of $20.
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$15 Breakout Opens The Path For 27% rally; Buy AXS now?

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?

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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. 

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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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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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