AXS Technical Analysis: AXS Prices Skyrockets Post-Breakout
Table of contents
Key technical points:
Past Performance of AXS
The AXS price chart showcases a falling trend under the influence of a resistance trendline, accounting for a drop of 80% to a low of $12. However, buyers quickly hoard the token at the 2021 level to reverse the trend resulting in a 45% jump to $17.
Source- Tradingview
AXS Technical Analysis
AXS price action displays an upward trend after the trendline breakout and the bullish candle forms with a surge in trading volume. Therefore, the chances of a price jump to the overhead resistance at $20 increase significantly. The DMI indicator shows a bullish crossover of the DI lines, but the falling trend in the ADX line represents a weakness in trend momentum. Hence, traders hoping for a bullish trend might have to wait for a $20 breakout to find an increase in trend momentum.
The RSI indicator shows an upward trend after the reversal from the oversold boundary and gradually advances towards the halfway point. The 14-day SMA displays a trend higher than the 30% mark; moreover, the bullish influence grows slowly. The MACD indicator shows the fast and slow lines returning to a positive alignment from the zero line while avoiding a bearish crossover. Furthermore, the bullish trend in the histogram's return shows an increase in buying pressure. In a nutshell, the AXS price action forecasts a bullish reversal to the $20 mark.
Upcoming Trend
If the trading volume shows a rising trend, AXS prices will continue the uptrend to $20, and a high possibility of a breakout rally.
Resistance Levels: $20 and $25
Support Levels: $12 and $10