AXS Technical Analysis: Double Bottom Aims Trend Reversal
Axie Infinity is a blockchain-based trading and fighting game that is operated and owned by the players. Inspired by popular video games such as Pokemon as well as Tamagotchi, Axie Infinity allows players to breed, collect fight, raise token-based animals, referred to as Axies.
Let us move ahead to read about AXS technical analysis.
Past Performance of AXS
The AXS coin price action shows a falling channel as the price continues to form a wave of lower lows in the daily chart. The downfall halts near the support zone at $50, from where it rises 11% in the past 24 hours. Thus, starting a bullish reversal within the descending triangle.
AXS Technical Analysis
The AXS coin price action shows a double bottom pattern near the support zone at $50 in the daily chart. The recently made bullish candle teases a bullish breakout of the pattern. The post-breakout rally can breach the resistance trendline if the buying pressure sustains.
The crucial Exponential Moving averages show a falling trend as the price trades below all of it. After the recent death cross, the falling 100-day EMA might shortly give a bearish crossover with the 200-day average.
The RSI indicator shows a sudden rise in the slope as it escapes the oversold zone and surpasses the 14-day average. The slope showcases bullish divergence in the double bottom pattern suggesting a potential breakout.
The MACD indicator shows a bullish crossover in the MACD and signal lines as the lines continue their uptrend to the zero line mark. Moreover, the rising trend in the bullish trend of histograms reflects a solid underlying bullishness.
In conclusion, the technical indicators showcase a rise in underlying bullishness as the price finds support near the $50 zone. Therefore, AXS traders can shortly find a breakout entry opportunity.
Upcoming Trend
The AXS coin price finds support near $50 to briefly halt the long coming downfall and increase the chances of a bullish reversal. Moreover, the double bottom pattern breakout will bring more buyers to grow the rally.
Buyers can find entry opportunities with the neckline breakout at $55 and can target the resistance trendline or the $65 mark. However, in case of a reversal from the resistance trendline, a reversal to the $50 is possible.