Descending Trendline May Carry AXS to $14 Mark

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Even today, the crypto market continues with its losing streak, pushing Bitcoin to the $28400 mark. Moreover, while the majority of crypto coins reflect the same behavior, the (Axie Infinity)AXS is one of few coins that shows a green candle. Currently, the coin price trades at the $21.9 mark and displays a 15.76% intraday gain.

Key points: 

  • The AXS price falling under the influence of descending trendline
  • The $27 fallout would accelerate the selling momentum
  • The intraday trading volume in AXS price is $852.1 Million, indicating a 24% gain.

AXS/USDT ChartSource- Tradingview

During the past three months, the (Axie Infnity)AXS buyers aggressively defended the $44.2 support. However, submitting to a widespread sell-off in the crypto market, the coin holder lost this support on April 25th.

The renewed selling pressure breached two additional support levels of $34.5 and $24.6, registering a 56% loss. Moreover, the altcoin has recently breached this $24.6 support, suggesting further downfall to the nearest supply zone of $14.3

However, even though the crypto market continues to lose money, the AXS price witnessed a strong inflow and surged 15.76% on the intraday level. 

If the buyers continue to push the price higher, the altcoin will retest the flipped resistance of $27.6. Furthermore, a potential breakout will trigger a minor pullback.

Anyhow, a dynamic resistance trendline could undermine the breakout theory and dump the altcoin to the $14.3 or $11 mark.

Technical indicators

The super trend indicator highlights aggressive selling in the market.

However, despite a lower low formation in price action, the daily-stochastic RSI slope shows a considerable bullish divergence. This divergence bolsters a relief rally for AXS.

  • Resistance levels- $27.6 and $34.5
  • Support levels- $14.3 and $11

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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