- The AXS coin is currently trading at $5.58.
- The price has given the breakout of the $5.02 level which can trigger a bull run.
AXS Coin Price Analysis
The price prediction for the AXS coin is bullish as the coin is showing an increase in its value. As long as the price is sustained above the $5.02 level it has to commence a long-term bull rally.
The AXS coin price started to consolidate in a narrow range after its long-term downtrend was halted at the $4.05 level in mid-September 2023.
During the consolidation period, the AXS price broke the descending trendline which was restricting its rise, and it is currently trading above it. This breakout boosted the confidence of investors after which the price also broke above the narrow range.
The AXS coin price is currently at $5.58 with a trading volume of $849.029K. It has registered an increase of 0.95% in the last 24 hours.
AXS Coin Daily Chart Price Analysis
The AXS coin is currently trading above the 50-day and 100-day EMAs, which shows that the bulls have overall control of the price.
The relative strength index (RSI) is at 70.28 and is returning from overbought territory. The RSI line sloping in the downward direction shows that the RSI is cooling off and could adjust itself according to the price if the price starts to move up.
The volume bar has also spiked up in the last few trading sessions which shows that investors are very interested and this has increased the volatility in the AXS Coin.
Will the AXS Price Close Above $5.72 in the Upcoming Months?
The AXS coin is currently forming a shooting star candle. If the price forms the shooting star candle and the next candle closes below this candle, then a short-term fall can be expected in the upcoming days. This will lead the price to fall to retest the $5.02 level.
However, most of the factors are in favor of the bulls and we could expect a bull run after the short-term fall.
The next wave of a bullish run will only be triggered when the price closes above the $5.72 hurdle. After this, the price will move up toward its next resistance at $6.90. If it also gives the breakout of this level, then it may rise to its next resistance at $8.11.
At the lower levels, $5.02 is acting as a crucial level for sellers. If the price closes below this level, they make the price fall to its next support at $4.05 and then to $3.20.
Conclusion
The price prediction for the AXS coin is bullish. The technical indicators are bullish overall, but a pullback can be expected in the short term. After this, a bull rally is expected. So, investors should wait for the breakout of the $5.72 level, which will trigger the next phase of the bull run.
Technical levels
Resistance Levels: $5.72, $6.90 and $8.11.
Support Levels: $5.02, $4.05 and $3.20.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.