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Vikram
May 23, 2022
by Vikram

AXS Technical Analysis: Buyers Attempting Pattern Breakout To Reach $28

AXS
With the increased buying last night, the AXS prices attempt to surpass $25 with an ascending triangle breakout sharing a neckline at $23.

Key technical points:

  • AXS prices approach $25.

  • The Stochastic RSI shows a bearish merger.

  • The 24-hour trading volume of Axie Infinity is $230 Million, indicating a rise of 62%. 

    • Past Performance of AXS

    The AXS/USD technical chart shows a downfall after the first bullish week of May, accounting for a 20% surge. However, the second week cancels out the bullish recovery resulting in a collapse of 47%, followed by an ascending triangle pattern. 

    TradingView Chart

    AXS Technical Analysis 

    The ascending triangle in AXS/USD chart comes to a completion as the recovery surpasses the 50 EMA and challenges the $23 neckline. The breakout attempt comes with a surge in buying pressure, increasing the breakout rally chances.

    The prolonged downtrend in the previous months has influenced the EMAs to gain a bearish alignment with the 50 EMAs that provided dynamic resistance. However, the recent surge breaks the resistance and adds points to the reversal ideology. 

    The RSI rises above the midline to enter the nearly overbought zone after a long consolidated motion. In addition, the surge in the underlying bullishness surpasses the 14-day SMA line increasing the chances of a bullish breakout. 

    The Stochastic indicator displays the K and D lines merging after a successful bull cycle in the overbought territory. Therefore, the indicator shows the increased reversal chances and opposes the RSI signal. 

    In short, the AXS buyers must wait for the price action confirmation to avoid the opposing indicators. 

    Upcoming Trend

    With the increasing trading volume of AXS, the breakout chances of ascending triangles increase. Hence, traders can expect the market value to inflate and reach the $28 mark. 

    Support Levels: $20 and $18

    Resistance Levels: $25 and $28

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    Axie Infinity AXS
    AXS Technical Analysis: Buyers Attempting Pattern Breakout To Reach $28
    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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