- AXS token price is trading at the upper band of the supply zone after bouncing off the demand zone.
- The AXS token price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of AXS/USDT is trading at the price of 0.000404 with an increase of 3.06% in the past 24 hours.
The AXS token price, as per the price action, is forming a symmetrical triangle chart pattern. The token price is fronting lower low formation from supply zone and higher high formation further on-demand zone. At present, the token is trading in a narrow range and therefore breakout on either side will trigger big moves.
AXS token price can reach the $8.76 long-term supply zone if it breaks out of the symmetrical triangle pattern. On a higher time frame, the token price has fallen heavily and is making a lower low formation. To deny the continuation of the bearish trend on a higher time frame, the token price needs to break out of the symmetrical triangle pattern the n on the upside.
The AXS token price is trading in the middle of the Bollinger band indicator, after bouncing off the demand zone. The AXS token price is trading below all the important moving averages. The 50 and 100 MA can act as a strong supply zone in future as the token price tries to move up. Although the token price has given a breakout of 14 SMA, a breakout of symmetrical triangles is needed for a further up move. Volumes have been on a rise as the token rivers around the supply zone.
The AXS token price is forming a symmetrical triangle [pattern on a daily time frame
Relative Strength Index: RSI curve is trading at the price of 42.59 as the token nears the supply area. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a 4-hour time frame as the token shows bullishness in the higher time frame. The AXS token price can be seen moving when it breaks out of the rounding bottom and the RSI curve moves higher.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token price rose to the supply zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly in a 4-hour time frame. Recently the AXS token price fell after the breakout of small resistance, as a result, the MACD indicator also depicted the same. Once the token price starts moving up again after retesting, the gap between the blue and orange lines can be seen widening supporting the trend.
Supertrend: The AXS token price rose to the supply zone after bouncing off the demand zone with strong bullish pressure, despite that the token price is trading below the supertrend sell line which is acting as a strong supply zone. Moving upwards if the bulls continue to dominate the bears, the token price can be seen breaking the supertrend sell line , triggering a buy signal.
Conclusion: AXS token price is trading in a strong bullish trend as seen on a 4-hour time frame. While on a daily time frame the token price has been consolidating near the supply zone. The token price is forming a symmetrical triangle pattern on a daily time frame. Investors should wait for a breakout of a symmetrical triangle and then act accordingly.
Support: $5.8 and $5.2
Resistance: $8.76 and $8.91
