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Vikram
May 4, 2022
by Vikram

AXS Technical Analysis: Bulls Horrified As AXS Dips Below $30 

axs
AXS prices face a horrific bear market resulting in a downfall of 80% in the last six months resulting in a fall under $30 from the heights of $160.

Key technical points:

  • AXS prices show an overnight fall of 2.83%.

  • The RSi remains oversold.

  • The 24-hour trading volume of Axie Infinity is $274Million, marking an 8% rise. 

    • Past Performance of AXS

    AXS token price shows an uncontrollable bearish fall starting from the last rejection at the 200-day EMA near the $70 mark refreshing the selling spree. The downfall accounts for deflation of 60% last month and breaks below multiple support levels and all the crucial EMAs.

    TradingView Chart

    AXS Technical Analysis 

    The AXS/USD chart displays a rise in trading volume, periodically fuelling the bearish fall and increasing the threat of reaching $15. Moreover, the breakout of $30 comes with a surge in trading volume, reflecting a bearish attack.

    The crucial daily EMAs showcase a bearish alignment with the downtrend, gradually gaining momentum while providing dynamic resistance.

    The RSI slope displays a sideways trend in the oversold zone and a lack of bullish attempt to exit the territory. Hence, with increasing selling pressure, the RSI showcases a solid bear trend in action.

    The MACD and signal lines show a falling trend in a bearish alignment, diving deeper into the negative territory. Moreover, the increasing intensity of the MACD histograms displays no sign of reversal any time soon.

    In short, the AXS technical analysis displays a correction possibility below the $20 mark.

    Upcoming Trend 

    AXS coin price trend shows a high influence of bearish pressure creating a new low every month displaying a bear market phase. Hence, selling opportunities to the next support level is a logical step. However, buyers also have the chance to hoard the dip as the token has the potential of surpassing $100 during a bull run.

    Resistance Levels: $30 and $37

    Support Levels: $24 and $15

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    Axie Infinity AXS
    AXS Technical Analysis: Bulls Horrified As AXS Dips Below $30 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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