After failing to break above the consolidation range, the <a href="https://www.cryptoknowmics.com/news/axie-infinity-fully-removes-token-rewards-from-its-classic-game-mode/" target="_blank" rel="noopener">Axie Infinity</a> (AXS) prices drop by 26% to break below the $15 mark. However, the increasing lower price rejection candles project the possibility of a bullish turnaround. Should you consider turning bullish to rise the reversal rally within the range?
<h3>Key Points:</h3>
<ul>
 	<li>The AXS market price trades under the 50 and 100-day SMA.</li>
 	<li>The RSI indicator projects a recent surge in the underlying bearishness.</li>
 	<li>With a market cap of $1.21 billion, the intraday trading volume of Axie Infinity has increased by 30% to reach $136 million.</li>
</ul>
<img src="https://s3.tradingview.com/snapshots/3/3v0uGa88.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/3v0uGa88/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>AXS Technical Analysis</h2>
After a failed bullish attempt to give the double bottom breakout, the AXS prices take a sideways shift forming a range below $19. The recent breakout attempt fails miserably due to the double top formation resulting in a 26% drop within a week to break below the psychological mark of $15.

Furthermore, the correction phase decreases the possibility of a bullish crossover between the 50 and 100-day SMA. Hence, the technical analysis displays a high supply pressure zone present at the $20 mark.

However, the buyers control the downtrend with multiple lower price rejection candles near the $14 mark. This increases the possibility of a bullish turnaround challenging the overhead supply zone, accounting for a 20% price jump.

Suppose the bullish intentions keep increasing for the AXS prices, the $20 breakout possibility increases that may drive the market value higher to $25. However, increasing selling pressure might result in a retracement to the crucial bottom support level of $12.
<h2>Technical Indicators</h2>
After a drastic fall to the oversold zone, the RSI indicator displays a minor improvement in the underlying bullish sentiments.

Moreover, the fast and slow lines in the MACD indicator show a declining trend, crossing below the zero line.

Resistance Levels: $ 18 and $20

Support Levels: $14 and $20

AXS Buyers Prepare A Bull Cycle Within The Sideway Range

The AXS technical analysis shows lower price rejection candles forming at the base of the daily chart's consolidation range, teasing a 20% jump.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

AXS Buyers Prepare A Bull Cycle Within The Sideway Range

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