AXS Price Analysis: Can $18 Breakout End The Ongoing Consolidation?

Backed by a significant pump in volume, the AXS buyers tagged $18 resistance with breakout intention, and what if they succeed?
By Brian Bollinger
Axie Infinity ($AXS)

The Axie infinity (AXS) price has resonated between the $18 and $12 mark over the past six weeks, indicating a short consolidation phase. The altcoin has tested both the extreme barriers and accentuated them as important chart levels. However, can the current bull cycle reclaim this overhead resistance?

Advertisement
Advertisement

Key points: 

  • The AXS price breakout from $18 resistance opens the path for a 35% rally
  • Reversal from the $18 may be extended the consolidation phase for a few more sessions
  • The intraday trading volume in Axie infinity (AXS) coin is $333.2 Million, indicating a 134.18% gain.

AXS/USDT ChartSource- Tradingview

The AXS/USDT technical chart illustrates the end of a correction phase that accounts for a 50% drop in May and June with a bullish reversal from $12. The bull run beats the supply pressure on the resistance trendline and is now trading above the 50-day SMA. Furthermore, the bullish streak challenges the $18 resistance level after forming a morning star pattern at $15.

The AXS prices attempting to break above $18 suggests a high likelihood of the reversal trend continuation. Also, traders can anticipate the current uptrend to last since we are seeing a rise in trading volume, which will support the current bullish trend.

The daily candles within $15 and $18 display wick formation representing a supply inflow at the overhead resistance. Thus, the breakout of this resistance will act as a bullish launchpad.

If the candle closes higher than $18, the AXS prices will explode to the next horizontal resistance level at $24.

However, if bulls fail to maintain dominance at the support level at $15, a downtrend under the 50-day SMA will test the ultimate support at $12.

Advertisement
Advertisement

Technical indicator

DMI Indicator: the DI lines gaining a bullish spread after the recent crossover event representing the solid underlying bullishness. Furthermore, the ADX slope shows an inclination representing an increase in the trend momentum. 

RSI indicator: following a bullish divergence, the RSI slope rallies higher in bullish territory, indicating the positive sentiment in returning to the Axie infinity (AXS) coin.

  • Resistance levels- $18 and $24.1
  • Support levels- $15.35 and $12.35
Advertisement
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
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.