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Vikram
Mar 5, 2022
by Vikram

AXS Technical Analysis: Can Sellers Break The $50 Support?

AXS
AXS coin price fails to surpass the resistance trendline and retraces to the $50 support. Will the increased selling pressure bring heavier discounts?

Key technical points:

  • The AXS price resonates lower in the descending triangle.

  • The Stochastic RSI displays a bearish crossover.

  • The 24-hour trading volume in the Axie Infinity token is $303 Million, indicating a 2.45% gain. 

    • Past Performance of AXS

    AXS coin price showed a consolidation breakout formed near the $50 support zone resulting in a rally to the long-coming resistance trendline. However, the price failed to withstand the high selling pressure resulting in downfall to the $50 support zone. The price action prints a triple black crow formation hinting at a decline below the emotional barrier. 

    TradingView Chart

    AXS Technical Analysis 

    The AXS/USDT chart shows the price coming back to the $50 support zone for the third time since the start of 2022. The bearish anticipation of downfall below $50 will find support at the $38 mark.

    The flattish 100 and 200-day EMA shows a bearish crossover, with the 50-day EMA providing a constant dynamic barrier. Hence, the EMAs are expected to be moving along with high-selling pressure areas.

    The Stochastic RSI indicator shows the K and D line nosedive below 70% following a bearish crossover. Hence, the falling lines indicate the end of the bull cycle.

    The RSI indicator slope show rejection from the central line and retraces to the 14-day average line. However, the slope shows a bullish divergence in the last two dips at the support zone. 

    In a nutshell, AXS technical analysis projects a bearish bias as the retracement gains momentum.

    Upcoming Trend

    AXS coin price anticipates a bearish downfall if the sellers strengthen their grip over trend control and bring the $50 fallout. However, the high demand accompanying the emotional barrier will be challenging for the bears. 

    Contrarily, if bulls regain trend control with a reversal, the altcoin would rally higher and retest the trendline. 

    Support Levels: $50 and $40

    Resistance Levels: $60 and $70

     

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    AXS Technical Analysis: Can Sellers Break The $50 Support?
    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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