AXS Price Analysis: Descending Trendline May Carry AXS to $14 Mark

Even today, the crypto market continues with its losing streak, pushing Bitcoin to the $28400 mark. Moreover, while the majority of crypto coins reflect the same behavior, the (Axie Infinity)AXS is one of few coins that shows a green candle. Currently, the coin price trades at the $21.9 mark and displays a 15.76% intraday gain.

Key points:

• The AXS price falling under the influence of descending trendline
• The $27 fallout would accelerate the selling momentum
• The intraday trading volume in AXS price is $852.1 Million, indicating a 24% gain.

Source- Tradingview

During the past three months, the (Axie Infnity)AXS buyers aggressively defended the $44.2 support. However, submitting to a widespread sell-off in the crypto market, the coin holder lost this support on April 25th.

The renewed selling pressure breached two additional support levels of $34.5 and $24.6, registering a 56% loss. Moreover, the altcoin has recently breached this $24.6 support, suggesting further downfall to the nearest supply zone of $14.3

However, even though the crypto market continues to lose money, the AXS price witnessed a strong inflow and surged 15.76% on the intraday level. 

If the buyers continue to push the price higher, the altcoin will retest the flipped resistance of $27.6. Furthermore, a potential breakout will trigger a minor pullback.

Anyhow, a dynamic resistance trendline could undermine the breakout theory and dump the altcoin to the $14.3 or $11 mark.

Technical indicators

The super trend indicator highlights aggressive selling in the market.

However, despite a lower low formation in price action, the daily-stochastic RSI slope shows a considerable bullish divergence. This divergence bolsters a relief rally for AXS.

• Resistance levels- $27.6 and $34.5
• Support levels- $14.3 and $11