- AXS Token Price has been on a bearish channel after breaking out of the head and shoulders pattern.
- The RSI indicator shows mixed signals for the coin on both the charts
- The coin is forming a rounding bottom on the hourly chart
AXS Token Price has been on a downward trend dominated by the bears for the last couple of months after forming the head and shoulders pattern. Having said that the token has taken support at its long-term support zone of $ 44.85. The coin formed the head and shoulders pattern between the months of October and December 2021. The token since then has been on a bearish parallel channel. The coin has been bullish over the last couple of days and the Relative Strength Index also indicates that the coin may be underbought at the current levels. The volumes for the coin as it neared the long-term support zone shot up significantly indicating the strength and importance of the support zone.
AXS Token Price is in the process of forming a rounding bottom on the hourly chart. The coin has been trading between the zone of $ 44.8 and $ 54.90 over the last several trading hours. The resistance zone at $ 54.90 is crucial and the coin could make a directional change at that level as it is the resistance at the top of the rounding bottom pattern. However, the RSI indicator indicates that the coin is overbought at the current levels. It remains to be seen how the coin behaves over the next few trading hours.
Conclusion:
The token is in the process of a rounding bottom on the hourly chart and is on a bullish trend on the daily chart. The coin looks to continue the bullish trend over the next few trading sessions. Traders need to look out for a possible breakout from the bearish channel.
Support: $ 44.80
Resistance: $ 55
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
