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- The AXS price began sliding as the bears entered to surprise the investors over the daily price chart after riding the waves of an uptrend movement.
- The crypto asset is moving above the 20 and 50 days moving average.
- The AXS/BTC pair is at 0.0007748 BTC which is at a loss of 1.66% in it.
After surfing over the waves of uptrend movement, the AXS price has started falling as the bears made an entry to surprise the investors over the daily price chart. If bears made this reversal successful the bulls will be served with a bad defeat, as all the recovery efforts will be destroyed.
To oppose and make this dominance unsustainable the token needs to attract buyers and the bulls need to work hard to support the coin. The trading volume is decreasing continuously which is bothering the investors and should be a matter of concern for the bulls. Analysts believe this downtrend may not sustain so the ones who are willing to make an entry into the market should be ready.
The current price for one AXS token is trading at $18.51 which is at a loss of 1.69% in its market capitalization in the last 24 hrs. The coin has a trading volume of 143 million which is at a loss of 0.4%, though the loss is insignificant if not focused it will pull the price down, the market cap for the token is 1.5 billion. The volume market cap ratio is 0.09577
How Long the Bears can Dominate the Token
While talking about the bearish dominance it appears to be ending soon as the multiple EMA over the daily price chart has exhibited a positive cross, along with the support of the EMA ribbons.
The MACD indicator over the daily chart shows the buyer’s line is moving above the seller’s signal line but the gap between the two is very less and if the bulls successfully opposed the movement then growth can be observed in the gap along with the green histograms.
The RSI value is nearly equal to 59.
Conclusion
After surfing over the waves of on uptrend movement, the AXS price has started falling as the bears made a surprise entry. To oppose and make this dominance unsustainable the token needs to attract buyers and the bulls need to work hard to support the coin. The technical indicators show that the bearish movement is a short-term adventure for the investors.
Technical levels
Resistance levels: $20.58 and $22.72
Support levels: $16.67 and $15.02
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
