AXS Price Analysis: Reversal Within Range May Tank Prices by 20%

Reversal from range resistance of $18.23 plunges the AXS price to a $15.2 foothold, but what if they lose this support?
By Brian Bollinger
AXS

The Axie infinity (AXS) price triggers a bear cycle within the range-bound rally. Under the pattern influence, this reversal may offset the recent recovery and plunge the altcoin by 20%. However, technical indicators foretell the prices may show a significant upswing in the near future.

Advertisement
Advertisement

Key points: 

  • The AXS price breakdown from $15.2 support opens the path for another 18% fall
  • RSI divergence indicator the constitution end in the buyers’ favor
  • The intraday trading volume in Axie infinity (AXS) coin is $222.7 Million, indicating a 37.2% loss.

AXS/USDT ChartSource- Tradingview

On July 13th, the AXS/USDT pair showcased its third reversal from the $12.4 bottom support indicating it as a strong accumulation zone. The bullish reversal surged 41% within a fortnight and hit the monthly resistance of $18.23.

However, as the Bitcoin price slides lower, several altcoins face the same fate, and the AXS price is no exception. Thus, on July 24th, the coin price reverted from this resistance with an inside candle and plunged 13.61% in the last two days.

Furthermore, the AXS chart shows the price has bounced thrice from the $12.4 support and twice from $18.23 resistance, indicating a range-bound rally.

A new bear cycle within this range may soon retest in-between support of the $15.2 mark. However, if the AXS holders also lose this support, the coin price would sink 18.7% and revisit the $12.4 support.

On a contrary note, if the coin price bounced back from either of aforementioned support, the buyers may rechallenge the top overhead resistance of the $18.23 mark.

Advertisement
Advertisement

Technical indicator

A lateral walk-in Bollinger band indicator accentuates the ongoing consolidation in AXS price. Furthermore, the falling price approaching the indicator’s midline at $15.3 support increases the possibility of reversal.

The daily-RSI slope is rising, although a range rally in price action indicates growth in bullish momentum. Thus, bullish divergence suggests the coin price may eventually breach the $18.23 resistance.

  • Resistance levels- $18.23 and $24
  • Support levels- $15.35 and $12.4
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.