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Peter Oleshchuk
Nov 10, 2021
by Peter Oleshchuk

AXS Technical Analysis: Before Growth Another Correction Is Needed

AXS

Table of contents

  1. AXS Technical Analysis in the Daily Timeframe
  2. AXSBTC Price Hints at 30% Correction
The growth process of the progressive AXS market has been significantly suspended for several weeks. After the dynamic week of 27 September, buyers lost their dynamics but did not give up. At a time when the BTC market has been growing in recent weeks, AXS buyers have been able to keep the price at the right level for continued growth. This fact showed that although the AXS market had strong growth without corrective growth, its prospects are not over.

AXS

At the moment, buyers need to keep control of the $138 mark to continue the growth trend with the first target of $246. This mark kept the aggression of buyers in the week from 27 September. Given the power of this weekly candle, we can assume that this mark is quite important for determining the medium-term movement of the AXS price. Therefore, the repeated test of the $138 mark and its retention by buyers will be the main signal for price growing to $246. And at this point, if the test takes place at low volumes, you can buy AXS with little risk.

AXS Technical Analysis in the Daily Timeframe

TradingView Chart

Analyzing the daily trading chart on the AXS market, we can see that the last high volumes were recorded in July 2021. Since then, the AXS price is growing without much volume. And a large number of people wanting to sell cryptocurrency is not yet noticeable. It is important to understand that if buyers are unable to maintain the $138 mark in the AXS market, there will be a severe collapse with the final target of $78.

Please pay attention that buyers were able to walk the distance from $78 to $155 in 4 days. As trading volumes do not show any struggle, it is possible to draw a conclusion that there is no interest in this wide range. Therefore, if the AXS price falls below the range of $138, buyers will not be going to change the situation above $78.

AXSBTC Price Hints at 30% Correction

TradingView Chart

However, looking at the weekly timeframe of the AXSBTC chart, the situation is not the best. Given the new wave of Bitcoin dominance growth, capital may leave altcoin again. The AXS market has survived the last such manipulation with dignity. Thus, keeping the AXS price in the range of current highs is the main scenario. If we see a sharp Bitcoin movement up or down — in this case, we will expect a strong correction in the AXSBTC market by 30% down to 0.0016. This mark was reliably guarded by sellers from July to September and will be a great support for the growth trend of buyers.

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AXS Technical Analysis: Before Growth Another Correction Is Needed
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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