AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
For nearly two months, the Axie Infinity(AXS) price resonated inside a falling wedge pattern. However, the altcoin recently rebounded from the $12.3 support pump by 34.3% and poked the nearest resistance of $17.6. Can buyers undermine the supply pressure and give a legitimate breakout?
Key points:
- The AXS price action following a falling wedge pattern
- The AXS price faces supply pressure near $12.3
- The intraday trading volume in AXS price is $409.6 Million, indicating a 10% loss.
Source- Tradingview
The AXS/USDT technical chart represents the traders responding to a falling wedge pattern. The altcoin falling within this pattern marked a low of $11.92 on June 18th. However, the dual support of the downsloping trendline and $12.3 level bolstered a bullish reversal.
The AXS price rebounded from the $12.3 support on June 19th, challenging the immediate resistance of $17.6. Moreover, with a 101.6% volume increase, the strikes this resistance with a long bullish candle.
If the AXS buyers manage a candle closing above the $17.6 resistance, the coin price could surge more than 12-14% before it reaches the overhead trendline.
A potential reversal from this resistance could continue the consolidation phase within the falling wedge and sink the coin price below $12.3.
However, to obtain a genuine recovery signal, the AXS buyers need to breach the dynamics resistance trendline of the wedge pattern. A successful breakout could drive the altcoin to the $35.2 mark.
Technical indicator
The Vortex indicator shows the VI+ and VI- slopes are steadily nearing each other, which could soon lead to a bullish crossover. This buy signal accentuates growth in buying momentum.
However, the 20-day EMA aligned with the $17.6 resistance assists sellers in preventing the $17.6 breakout. If they succeed, the altcoin will take a quick dip to $12.3 support.
- Resistance levels- $17.6 and $35
- Support levels- $12.2 and $9.3
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