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Peter Oleshchuk
Feb 7, 2022
by Peter Oleshchuk

AXS Technical Analysis: Has The Growth Trend Been Saved?

AXS

Table of contents

  1. AXS Technical Analysis On The Daily Timeframe
  2. The AXSBTC Price Is In The Most Tense Position
Prolonged correction of one of the most successful gaming AXS crypto tokens lasts almost 3 months. Falling from $165 to $46, the AXS price scared investors. However, we should not forget that in the period from January 2021 to November 2021, the AXS cryptocurrency grew by 40,000%. Therefore, looking globally at the weekly chart, even the 3-month fall of the AXS  price looks completely harmonious. However, is it safe to say that the correction is over? The first signal for this we saw during the $46 test. This range was the last on the way of buyers in July 2021, where abnormally high trading volumes were recorded. Above the $46 range, the price rose on reduced volumes by inertia. The global test of this range and its retention by buyers showed the willingness of buyers to continue their trend. The only nuance that can call this fact into question is the trading volumes.

TradingView Chart

If you look closely at the AXS price fall chart, sellers were able to push the price down without spending much on trading. Thus, the last trading week closed at an increased volumes compared to the previous 3 trading months. Buyers were able to absorb the previous candle in the weekly timeframe. But, given the importance of the $46 range, we expected a more aggressive rebound. So far, the main scenario in the AXS market is growth to $85 and the formation of consolidation in the range of $47-$85.

AXS Technical Analysis On The Daily Timeframe

TradingView Chart

Analyzing the movement of the AXS price on the weekly timeframe, we can see how the downward trend accelerated. Local low became deeper during each fall wave, and upward rebounds became weaker. The current local growth wave broke the accelerated structure of the AXS cryptocurrency, but did not change the downward trend.

So far, sellers have shown weakness, but the $85 range is under their control. The final signal for the reversal of the AXS market will be the breakdown and retest of the $85 mark. Given the increase in volatility and the importance of $46 and $85, the probability of consolidation in this range within 1-2 months - looks like the main scenario in the daily timeframe.

The AXSBTC Price Is In The Most Tense Position

AXS

If you look at the situation of AXS in pair to Bitcoin, you can see that the price is stuck between two trend lines. On the one hand, buyers barely managed to keep up with the global trend from January 2021. On the other hand, the price is now in the trend line of sellers, who are pushing the price from November 2021. If buyers confidently take control of the mark of 0.0017 - you can expect a new aggressive growth wave in the AXS market.

Therefore, this trading week is the most important for the AXS market. In the positive scenario, after fixing above the mark of 0.0017, we will see a new growth wave by 80%. Though, having lost control of the 0.0012 mark, the AXSBTC market will plunge into a corrective depression for a long time.

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AXS Technical Analysis: Has The Growth Trend Been Saved?
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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