- Bulls are now rescuing the muscles and acquiring the gains.
- AXS is now attempting to achieve the gains.
AXS, the native token of Axie Infinity, was hovering in the range for the past months. Recently, it has shown a breakdown after staying in a particular range. The price action showed the lower lows sequence, breaking the supports below $7.00. Bulls tried to regain strength but remained in a narrow range consolidating near $6.70.
However, the token stayed near the support and formed a double bottom pattern which shows that any bounce happening in the token results in a trend reversal; if bulls put in efforts with solid volumes, then further inclined action can be seen.
When writing, the AXS token is trading at $6.90 with an intraday gain of 3.58%, which shows that the token gains traction in the overnight session and bulls gain the momentum shown on the daily chart.
The token is escaping above the 20-day EMA and looking to fetch hands above the psychological level of $7.00 to maintain the trajectory marks with gains. The intraday trading volume increased by 8.78%, showing investors’ nominal interest.
Daily Candle Exploration of AXS
On the daily charts, the AXS token is forming a double bottom pattern indicating that amid the decline and downtrend of AXS price, there will be a bounce pending from the last couple of sessions, and investors have to become cautious and are willing to make new positions.
Moreover, the AXS token price action shows that bulls tried to break the selling voyage last week and attempted a bounce above the 200-day EMA. However, there is a strong supply zone that bulls cannot crack, and soon, the price again retraces towards the 20-day EMA near $7.000.
What AXS indicates on 4 hour charts?
On the 4-hour charts, the AXS token shows an ideal movement near the support of $6.70, where bulls maintained the grip. Sellers were trying to break the immediate support, but the battle between them continues, and the price is paused now.
The RSI is trying to get above the neutral mark of 50 but remains on the knee.
Although there was a positive crossover, bullishness on the token price is not as the indicators suggest.
The MACD starts to form green bars indicating that fresh buying in the token is resumed and more positive outlooks will happen in the upcoming sessions.
Conclusion:
AXS token has completed the correction phase and indicates the trend reversal indications.
Technical Levels:
Support Levels: $6.50
Resistance Levels:$7.30 and $8.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.