AXS Technical Analysis: Range Breakout May Drive AXS to $45 Mark
Table of contents
Key technical points:
Past Performance of AXS
On April 25th, the AXS price lost a multi-month support level of $44.5, signaling the continuation of the prevailing downtrend. Thus, a support fallout combined with the early May sell-off in the crypto market intensified the ongoing selling pressure. As a result, the downtrend slumped the altcoin to a low of $17.16, reflecting a 62% loss.
Source-tradingview
AXS Technical Analysis
The AXS price took a breather at $16.5 support as the crypto market has been volatile for the past two weeks. Thus, the minor consolidation in the daily time frame chart showcased a failed attempt at the AXS price to breach the $26 resistance. The Bollinger band indicator's narrow range accentuates the ongoing uncertainty in the crypto market. However, the coin price attempts to breach the midline indicate a possible switch in market sentiment.
The Vortex Indicator is nearing a bullish crossover event and increases the chances of our bullish theory hitting the $0.45 mark. Despite a lateral walk in price action, the rising daily-RSI slope reflects growth in underlying bullishness. Additionally, this positive divergence bolsters a bullish breakout from $26.
In a nutshell, AXS technical analysis indicates the consolidation period may end with the $36 resistance breakout.
Upcoming Trend
The coin price moving sideways indicates minor consolidation, stretched between the 26% and $17.66 mark. A genuine breakout from the range resistance may end the uncertainty revolving around AXS price.
Resistance Levels: $26 and $35.41
Support Levels: $17.66 and $11.6
