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