AXS Technical Analysis: The Trouble Is Just Beginning
The final target of this correction is around $11. At the moment, such a forecast looks quite scary and unrealistic. However, it is worth remembering that only a month ago the AXS price was about $73, and at the time of writing is $30. The main problem with this cryptocurrency is that there were no zones for accumulating positions and consolidating buyers on the way to the historical high of $155. The AXS price has long been growing without much volume. Therefore, the fall can be identically aggressive and lightning-fast.
Technical Analysis Of AXS On The Daily Timeframe
Analyzing the movement of the AXS price on the daily timeframe, you can see that the price is moving strictly in the green channel of the fall. At the time of writing, the AXS price is at the bottom of the falling channel. So far, buyers have not shown themselves. Trading volumes near the critical point and potential rebound zone are average. Daily candles do not look threatening to the downward trend.
The only thing that could save buyers from accelerating the fall in the AXS price out of the green channel that has begun consolidating in the $28-$32 range. In this case, buyers will give a signal to the market about the set of positions and readiness to implement a local growth wave with the first target of $39. The final target we are currently admitting is the $46 global test. In this range, sellers are more likely to increase their positions to continue the downward trend.
The AXSBTC Price Movement
The weekly timeframe of the AXSBTC price movement shows us that the prospect of correcting the growth wave from January 2021 is quite high. At the end of March, attempts by buyers to reverse the downward trend and fix above the trend line were unsuccessful. Since then, the presence of buyers in the AXSBTC market has not been noticeable. The AXSBTC price easily broke the last reversal mark of 0.000923. The lack of resistance from AXS buyers predicts a continued decline in the AXSBTC price to 0.00057. However, given the nature of the fall, a mark of 0.00057 can only be the first target.