Following an 11% gain in the past 24 hours, Axie’s AXS price looks strong daily as it resurged near a key resistance. Painting a green scenario on the day, it signals a buy and looks ready for a new rally.
The late September drops brought a little drawdown in the entire crypto market this month, but AXS managed to find support after sliding under the $4.4 level last week. The price recovered and slowly gained strength.
On Tuesday, the crypto briefly lost momentum and went through a short three-day pullback. Interestingly, things turned out positive again and the price resurged to a daily high of $5.4. It retraced from this high due to rejection and dropped to a trading level of $5.1.
But looking at the market structure, AXS appears strong on the daily chart but the price is still trading in a range-bound since it was subjected to a sideways movement two months ago. While the price remains trapped under the $5.5 level, a push above it should confirm a break out of the range.
This could activate a serious market buy as the price increases. In the opposite direction, it may resume bearish if the price drops below the $3.8 level. From a technical standpoint, more positive actions should be expected as market sentiment slowly turns bullish.
AXS Key Levels To Watch
Source: Tradingview
Breaking through the immediate $5.55 resistance, the next important level to watch for buy is $6.5. Above it lies a minor resistance level of $7.7 before reaching the main $8.7 resistance.
The $4.8 level is considered a close support for a pullback. If the price drops below this level, $4.4 is the next support to watch along with the $3.84 level – the lowest price level this year.
Key Resistance Levels: $5.55, $6.5, $8.7
Key Support Levels: $4.8, $4.4, $3.84
Spot Price: $5.1
Trend: Bullish
Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: velivinki/123RF // Image Effects by Colorcinch