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15$ Breakout Creates Opportunity For 27 percent Rally; Purchase AXS Now?

04-Sep-2022 By: Ashish Sarswat
15$ Breakout Creates

The price movement of Axie Infinity (AXS) reveals a bull cycle gathering strength within the consolidation area with potential to cross the $20 level. 

However, the choppy market circumstances cast doubt on the continuation of the positive trend and hint at the probability of an early bearish reversal. So, should you think about adopting an optimistic stance while ignoring the general market trend?

If the AXS price breaks through the $15 barrier level, it might rise to $20. Reversal from the $15.27 or $17 may lead to a new test of the $12.77 bottom support. The Axie infinity (AXS) coin's intraday trading volume is $167.2 Million, representing an 81.26% gain.

Axie Infinity (AXSprotracted )'s consolidation range between $12.77 and the overhead resistance of $20 is visible on the daily chart. Additionally, a sell-off in the cryptocurrency market coincided with the most recent bear cycle within the consolidation area, which caused a price decline to $12.77. As the AXS prices surpass the 20-day EMA and recapture the $15 level, a bull cycle is once again gaining steam.

A bullish engulfing candle with 8% growth is currently testing the $15.27 resistance level in the price action. Short-term purchasers might therefore anticipate that the bullish breakout of $15.27 will lead to the subsequent horizontal milestone at $17. However, a sharp uptick in selling pressure at $15.27 or $17 may trigger an early bearish reversal that could send prices back to the bottom support level of $12.77.

Technical indicator

According to tecnical analysis the DMI Indicator, the bullish crossover results from the DI lines crossing over the bearish gap, reflecting an increase in the underlying bullishness.

Additionally, a surge in the underlying bullish feelings is reflected by the RSI slope, which shoots up above the 14-day SMA to challenge the halfway point.

Levels of resistance: $15.25 and $17

Levels of support: $12.75 and $10

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