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Vikram
May 12, 2022
by Vikram

AXS Technical Analysis: Buyers Struggle To Float Above $20

AXS
With the selling activity increasing over the weeks, AXS prices continue to lower lows and recently broke below the crucial support of $20.

Key technical points:

  • The AXS coin trades for $20.5.

  • The Stochastic RSI shows a bearish crossover.

  • The 24-hour trading volume of Axie Infinity is $824 Million, indicating a 22% hike. 

    • Past Performance of AXS

    Over the last three months, AXS buyers have been aggressively fighting their $44.2 support. In the end, due to the widespread selling in the crypto market, the AXS holder could not maintain this support on the 25th of April. The downfall accounts for a devaluation of 71% over the last month, with the recent fall under $20.

    TradingView Chart

    AXS Technical Analysis 

    With the AXS buyers stepping in at the $16 support level, the bullish recovery retains the $20 support level. Nevertheless, the underlying weakness in the bullish commitment results in a higher price rejection trying to drive the trend back under.

    Supertrend Indicator- The super trend indicator shows the market value under the ATR line, reflecting a bearish trend in motion. Moreover, the large spread between price and ATR makes it harder for the bulls to overtake trend control.

    Vortex indicator- The VI+ and VI- slope closing in may soon result in a bullish crossover. This buy signal gives an additional confirmation for a pattern breakout. However, the increased ADX value reflects a high momentum trend in motion.

    Stochastic RSI- Despite a lower low price-action formation, the K and D lines show a considerable bullish divergence. This divergence bolsters the coin price and could experience a relief rally.

    In short, the AXS technical analysis forecasts a potential uptrend above the $20 mark.

    Upcoming Trend

    If AXS buyers can push the price up, the altcoin retests the resistance at $27.6, and a breakout could trigger a further continuation. However, a dynamic resistance trendline could derail the theory of breakouts and throw the altcoin down to $14.3 or even the $11 mark.

    Support Levels: $14.3 and $11

    Resistance Levels: $24 and $27.6

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    Axie Infinity AXS
    AXS Technical Analysis: Buyers Struggle To Float Above $20
    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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