Published 4 hours ago
The Axie infinity (AXS) price has resonated between the $18 and $12 mark over the past six weeks, indicating a short consolidation phase. The altcoin has tested both the extreme barriers and accentuated them as important chart levels. However, can the current bull cycle reclaim this overhead resistance?
Key points:
- The AXS price breakout from $18 resistance opens the path for a 35% rally
- Reversal from the $18 may be extended the consolidation phase for a few more sessions
- The intraday trading volume in Axie infinity (AXS) coin is $333.2 Million, indicating a 134.18% gain.
Source- Tradingview
The AXS/USDT technical chart illustrates the end of a correction phase that accounts for a 50% drop in May and June with a bullish reversal from $12. The bull run beats the supply pressure on the resistance trendline and is now trading above the 50-day SMA. Furthermore, the bullish streak challenges the $18 resistance level after forming a morning star pattern at $15.
The AXS prices attempting to break above $18 suggests a high likelihood of the reversal trend continuation. Also, traders can anticipate the current uptrend to last since we are seeing a rise in trading volume, which will support the current bullish trend.
The daily candles within $15 and $18 display wick formation representing a supply inflow at the overhead resistance. Thus, the breakout of this resistance will act as a bullish launchpad.
If the candle closes higher than $18, the AXS prices will explode to the next horizontal resistance level at $24.
However, if bulls fail to maintain dominance at the support level at $15, a downtrend under the 50-day SMA will test the ultimate support at $12.
Technical indicator
DMI Indicator: the DI lines gaining a bullish spread after the recent crossover event representing the solid underlying bullishness. Furthermore, the ADX slope shows an inclination representing an increase in the trend momentum.
RSI indicator: following a bullish divergence, the RSI slope rallies higher in bullish territory, indicating the positive sentiment in returning to the Axie infinity (AXS) coin.
- Resistance levels- $18 and $24.1
- Support levels- $15.35 and $12.35
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/axs-price-analysis-can-18-breakout-end-the-ongoing-consolidation/