AXS Buyers Prepare A Bull Cycle Within The Sideway Range
Table of contents
Key Points:
Source - Tradingview
AXS Technical Analysis
After a failed bullish attempt to give the double bottom breakout, the AXS prices take a sideways shift forming a range below $19. The recent breakout attempt fails miserably due to the double top formation resulting in a 26% drop within a week to break below the psychological mark of $15.
Furthermore, the correction phase decreases the possibility of a bullish crossover between the 50 and 100-day SMA. Hence, the technical analysis displays a high supply pressure zone present at the $20 mark.
However, the buyers control the downtrend with multiple lower price rejection candles near the $14 mark. This increases the possibility of a bullish turnaround challenging the overhead supply zone, accounting for a 20% price jump.
Suppose the bullish intentions keep increasing for the AXS prices, the $20 breakout possibility increases that may drive the market value higher to $25. However, increasing selling pressure might result in a retracement to the crucial bottom support level of $12.
Technical Indicators
After a drastic fall to the oversold zone, the RSI indicator displays a minor improvement in the underlying bullish sentiments.
Moreover, the fast and slow lines in the MACD indicator show a declining trend, crossing below the zero line.
Resistance Levels: $ 18 and $20
Support Levels: $14 and $20