AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark 

Published 32 mins ago

For nearly two months, the Axie Infinity(AXS) price resonated inside a falling wedge pattern. However, the altcoin recently rebounded from the $12.3 support pump by 34.3% and poked the nearest resistance of $17.6. Can buyers undermine the supply pressure and give a legitimate breakout?

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Key points: 

  • The AXS price action following a falling wedge pattern
  • The AXS price faces supply pressure near $12.3
  • The intraday trading volume in AXS price is $409.6 Million, indicating a 10% loss.

AXS/USDT Chart

Source- Tradingview

The AXS/USDT technical chart represents the traders responding to a falling wedge pattern. The altcoin falling within this pattern marked a low of $11.92 on June 18th. However, the dual support of the downsloping trendline and $12.3 level bolstered a bullish reversal.

The AXS price rebounded from the $12.3 support on June 19th, challenging the immediate resistance of $17.6. Moreover, with a 101.6% volume increase, the strikes this resistance with a long bullish candle.

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If the AXS buyers manage a candle closing above the $17.6 resistance, the coin price could surge more than 12-14% before it reaches the overhead trendline.

A potential reversal from this resistance could continue the consolidation phase within the falling wedge and sink the coin price below $12.3.

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However, to obtain a genuine recovery signal, the AXS buyers need to breach the dynamics resistance trendline of the wedge pattern. A successful breakout could drive the altcoin to the $35.2 mark.

Technical indicator

The Vortex indicator shows the VI+ and VI- slopes are steadily nearing each other, which could soon lead to a bullish crossover. This buy signal accentuates growth in buying momentum.

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However, the 20-day EMA aligned with the $17.6 resistance assists sellers in preventing the $17.6 breakout. If they succeed, the altcoin will take a quick dip to $12.3 support.

  • Resistance levels- $17.6 and $35
  • Support levels- $12.2 and $9.3

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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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