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- The recovery was halted by the AXS price’s downtrend movement, which caused it to crash to a support level of $14 on the daily price chart.
- The crypto asset is moving below the 20, 50, 100, and 200 days moving average.
- The AXS/BTC pair is at 0.0006886 which is a gain of 2.31%.
The AXS price moving on a downtrend movement destroyed the recovery and plunged to a support level of $14 over the daily price chart. This dip has attracted some buyers which are now pumping the price and can be good news for the AXS investors. Still, the coin should attract buyers as the bears can bounce back for a reversal at any time.
Now it’s a matter of time to watch how long AXS bulls can sustain this recovery movement or the bears will shatter their efforts. The trading volume is still at a decrease of 29% over the intraday trading session and is still falling which needs to be healed as it is one of the major factors affecting the price.
The current price for one AXS token is trading at $14.67 which is at a small loss of 0.62% in its market capitalization in the last 24 hrs. The token has a trading volume of 133 million which is at a loss of 29.22% (still falling) in the 24 hrs trading session and has a market cap of 1.22 billion. The volume market cap ratio is 0.11.
Can AXS Sustain the Recovery or will the Bears Take over the Dominance Again?
While observing the chart we can watch an accumulation of bulls over the daily and hourly price chat. Whereas the price is still trading below the negative cross of multiple EMA.
The AXS price over the daily price chart made a cross over the lower line of the Bollinger band cloud, which is a precursor of an uplift. The MACD is still showing the dominance of sellers as the sellers’ signal line is moving above the buyers’ line along with the red histograms, this signifies the AXS bulls haven’t made any conspicuous recovery efforts over the token. The relative strength index indicates an increase in buying, but it will take some to reflect the efforts over the other indicators.
Conclusion
The AXS price moving on a downtrend movement destroyed the recovery and plunged to a support level of $14 over the daily price chart. Now it’s a matter of time to watch how long AXS bulls can sustain this recovery movement or the bears will shatter their efforts. While the technical indicators are indicating a recovery further, the bulls need to focus on the sinking volume.
Technical levels
Resistance levels: $15.9 and $18.8
Support levels: $13.11 and $11.78
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
