AXS Price Analysis: Can Quick Recovery Sustain Above $15.7 Mark?
On July 16th, the AXS price gave a bullish breakout from a six-week-old descending triangle pattern. This breakout offers a recovery opportunity for coin holders, and as per the technical setup, it should lead the price to the $24 mark. However, the buyers are struggling at in-between resistance of $15.75 and stall the potential rally.
Key points:
- The AXS price V-shaped recovery jumps above the $15.75 resistance
- The AXS price regains the 20-day SMA slope
- The intraday trading volume in AXS price is $192.9 Million, indicating an 83.6% gain.
Source- Tradingview
Amid the recent uncertainty in the crypto market, the AXS/USDT pair shaped into a descending triangle pattern. The altcoin resonated within this pattern for nearly six weeks, and the lower high formation in the chart showcased the intense selling pressure in the market.
However, since last week the market sentiment has shown a considerable improvement, initiating a V-shaped recovery in AVAX price. Thus, on July 13th, the coin rebounded from the neckline support of $12.35 and breached the pattern’s resistance trendline.
The six consecutive green candles in the daily time frame propelled the AVAX price 23% higher to $15.81. If the buying pressure persists and provides a candle closing above this resistance, the buyers would obtain a stable footing to lead the recovery rally higher.
On a contrary note, a possible reversal from the $15.8 resistance would trigger a retest to the breached resistance trendline and replenish the bullish momentum.
Technical indicator
ADX indicator: The ADX slope showed a constant downfall during the whole consolidation phase, indicating a loss of bearish momentum. This indicates a better possibility for bulls to acquire trend control.
RSI indicator: along with triangle breakout, the daily-RSI slope jumps above the neutral line, indicating the possessive sentiment in returning to AXS price.
Bollinger Band indicator: The recent price jump shows a sharp rally from the indicator’s lower band to the higher band, indicating strong buying from traders. However, the upper band aligned with the $15.8 resistance bolsters retest theory.
- Resistance levels- $15.8 and $18
- Support levels- $14 and $12.35
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