AXS Price Analysis: Token breaks out of Descending triangle pattern, what's next?

AXS is trading above 50 EMA on a daily time frame.
The pair of AXS/USD is trading at the price level of $7.42 with a gain of 0.84% in the past 24 hours.

The cryptocurrency has fallen due to a variety of ecosystem factors and concerns, as well as the crypto winter and macroeconomic conditions. Token has recently shown signs of bullish momentum and a breakthrough of the Descending triangle pattern.

AXS bulls ready to take command?

Token has given breakout of Descending triangle pattern and now it is trading above 50 EMA on daily time frame. As we can see, AXS is presently trading at $7.42, up 0.84% in the last 24 hours. It is now trading between its 50 and 200 EMA moving averages. (Red line is 50 EMA and the blue line is 200 EMA). Token has broken out of the pattern, but it does not appear to be strong and is currently facing rejection.

Relative Strength Index: The asset’s RSI curve is presently trading at 61.27, indicating that it is in the overbought zone. The RSI curve has crossed above the 14 SMA, indicating bullishness. The indicator is showing strength, and if the price of the token continues to increase, the value of the RSI curve will rise higher, maybe above 70, indicating a strong overbought zone.

Analyst view & Expectations

Token has shown bullish momentum in recent days and has broken out of the Descending triangle pattern. Investors can buy now or wait for a big bullish candle to form above the 50-day moving average to get more confirmation of the trend. Intraday traders, on the other hand, have a good opportunity to go long and can book gains based on their risk to reward ratio.

According to our current Axie Infinity (AXS) price prediction, the price of Axie Infinity (AXS) will fall by -7.98% and hit $ 6.82 in the next few days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 26. (Fear). Over the previous 30 days, Axie Infinity has 16/30 (53%) green days and 7.60% price volatility. According to our Axie Infinity forecast, now is a good time to buy Axie Infinity.

Technical Levels

Major support: $7

Major resistance: $8.4

Conclusion

Token has successfully broken out of the Descending triangle pattern. It is trading above the 50-day moving average, and if it sustains this level, bulls may continue to push the token’s price higher.

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.