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- AXS token price has been falling from the past week as it failed to sustain at the supply zone after forming a bullish chart pattern.
- AXS token price is currently consolidating inside a small range on a daily time scale.
- The pair of AXS/BTC is trading at the price level of 0.000367 with an increase of -1.45% in the past 24 hours.
AXS token price is trapped inside a small range, as it fell to the demand zone. As of now the token price is resting at the demand zone. If the bears overpower the bulls then the token price can be seen falling further. The AXS token price is currently transacting at the price level of $7.33.
AXS token price is strangled inside a range
AXS token price, as the price action suggests, is sideways. Despite a strong trendy movement in the overall cryptocurrency market the AXS token price seems to have not been affected by it. Currently as the token price fell to the demand zone inside a range it broke down the 50 and 100 Moving Averages which was acting as a strong demand zone. Moving upwards from now onwards these MAs can be seen acting as a strong supply zone.
AXS token price is currently transacting at the lower band of the bollinger band indicator after failing to surpass the upper band. Volumes have increased despite a brief fall in the token price. Therefore investors should remain cautious and wait for the volatility to settle before jumping into it.
AXS token price consolidates inside a small range
ADX curve has been falling from the past week following the price movement of the AXS token. AS the token price fell the ADX curve slipped below the mark of 20. As of now, the ADX curve has turned upwards indicating a possible change in the price structure to positive one and a string up move in the upcoming trading days.
Supertrend indicator has turned negative as the token price fell to the supply zone. Previously the token price was trading at the supertrend buy signal acting as a string demand zone, but with recent bearish pressure it broke the buy line which triggered a formation of supertrend sell line. Moving upwards this sell line can be seen acting as a strong supply zone.
Conclusion: AXS token price as per the price action is bearish. It is forming a negative price structure. The technical parameters have turned negative as the token price failed to sustain at the supply zone. It remains to see if the token price will sustain at the demand ozone or fall below it.
Support: $7.07 and $6.90
Resistance: $11.90 and $12.50
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
