AXS Price Analysis: AXS breaks out of the bearish channel on the daily chart

• AXS Coin Price broke out of the bearish parallel channel on the daily chart after multiple attempts
• MACD indicator indicates bullishness for the coin on both the time frames
• The volumes have seen a sharp rise over the last few days

AXS Coin Price broke out of a bearish parallel channel on the daily chart. The coin has been bullish for the most part of last trading week as seen on the chart. The coin was in the bearish parallel channel for a couple of months before breaking out of it a couple of days. The volumes have seen a sharp increase as the token broke out of the bearish channel. The coin has formed support at the level of $ 46.50 on the daily chart. The Moving Average Convergence Divergence (MACD) chart indicates bullishness for the coin over the next few days with the bullish histograms increasing in size.

AXS Coin Price has been on a bullish channel on the hourly chart over the last few days. The coin however has formed a minor resistance at $ 72.10 on the chart. The coin has been on the bullish channel since taking support at $ 46.20 on the chart. The MACD indicator indicates bullishness ahead for the token. The volumes have declined over the last few hours after hitting the short-term resistance, it remains to be seen if the coin is able to break the resistance zone over the next few trading hours.

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Conclusion:

AXS Coin has been on a bearish channel for the last few months and has finally made a breakout of the channel. The coin has been on a bullish momentum and it remains to be seen if the coin is able to sustain the momentum.

Support: $ 46.20

Resistance: $ 72.10

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.