AXS Technical Analysis: Late Retest Resurges The Bullish Morale

Republished By Plato

Followers: 0

Axie Infinity (AXS) Technical Analysis: A New Growth Wave or Completion of the Old One?

The AXS coin price successfully retests from the falling channel breakout resulting in a bullish reversal and the $60 breakout. Moreover, the recently formed bullish candle undermines the retracement of last week. However, the price struggles to rise above the 50-day EMA. Will the bulls overcome the recent death cross-influence? Key technical points: The coin price breaks above the $60 mark. The Stochastic RSI indicator gives an early bullish crossover. The 24-hour trading volume in the Axie Infinity token is $556 Million, indicating a 90% rise. Past Performance of AXS AXS coin price trades at $65.25 with a price jump of 11.47% in the last 24 hours as it completes the retest of the falling channel pattern. However, the rising prices struggle to overcome the sellers at the $70 zone. Nonetheless, the increased buying pressure evident by the 90% growth in trading volume hints at a bullish breakout. Source-Tradingview AXS Technical Analysis The AXS coin price creates a morning star pattern to retest the bullish breakout of the falling channel. Moreover, the prices sustain above $50 as the bulls overtake the trend control. The RSI Indicator shows a phenomenal jump in the underlying bullishness as the slope breaks above the 14-day SMA and 50% mark. Hence, the slope entering the nearly overbought zone indicates a bullish reversal. The Stochastic RSI indicator showcases an abrupt end of the bear cycle as the K and D lines give a bullish crossover with a sudden reversal within the neutral territory. Hence, the indicator forecasts a bullish continuation above the $70 mark. The recent bearish crossover of the 50 and 200-day EMA keeps a bearish influence in the AXS/USD chart. Hence, the breakout of the 50-day EMA will mark a dent in the bearish shield. In a nutshell, the technical indicators project the possibility of a bull run that may soon surpass the 50-day EMA. Upcoming Trend The AXS coin price struggles to rise above the 50-day EMA as it remains a high-supply area. However, the increased bullish trend momentum might shortly give a cross above the 50-day average and approach the 200-day EMA. Support Levels:$55 and $50 Resistance Levels: $70 and $90

The post AXS Technical Analysis: Late Retest Resurges the Bullish Morale appeared first on Cryptoknowmics-Crypto News and Media Platform.

Time Stamp: February 16, 2022