AXS Technical Analysis: AXS Prices Skyrockets Post-Breakout

AXS price jumps 16% today, with a surge in trading volume displaying the start of a potential bullish reversal rally to the $20 mark. Key technical points: The AXS market price has appreciated 16.30% over the past 24 hours. The price action forms a bullish candle reaching the $20 mark. The 24-hour trading volume of Axie Infinity is $469 Million, indicating a hike of 214%. Past Performance of AXS The AXS price chart showcases a falling trend under the influence of a resistance trendline, accounting for a drop of 80% to a low of $12. However, buyers quickly hoard the token at the 2021 level to reverse the trend resulting in a 45% jump to $17. Source- Tradingview AXS Technical Analysis AXS price action displays an upward trend after the trendline breakout and the bullish candle forms with a surge in trading volume. Therefore, the chances of a price jump to the overhead resistance at $20 increase significantly. The DMI indicator shows a bullish crossover of the DI lines, but the falling trend in the ADX line represents a weakness in trend momentum. Hence, traders hoping for a bullish trend might have to wait for a $20 breakout to find an increase in trend momentum. The RSI indicator shows an upward trend after the reversal from the oversold boundary and gradually advances towards the halfway point. The 14-day SMA displays a trend higher than the 30% mark; moreover, the bullish influence grows slowly. The MACD indicator shows the f...