AXS coin price fails to surpass the resistance trendline and retraces to the $50 support. Will the increased selling pressure bring heavier discounts?

Key technical points:
<ul>
 	<li>The AXS price resonates lower in the descending triangle.</li>
 	<li>The Stochastic RSI displays a bearish crossover.</li>
 	<li>The 24-hour trading volume in the Axie Infinity token is $303 Million, indicating a 2.45% gain. </li>
</ul>
<h2>Past Performance of AXS</h2>
AXS coin price showed a consolidation breakout formed near the $50 support zone resulting in a rally to the long-coming resistance trendline. However, the price failed to withstand the high selling pressure resulting in downfall to the $50 support zone. The price action prints a triple black crow formation hinting at a decline below the emotional barrier. 

<img src="https://s3.tradingview.com/snapshots/0/0XHAT1hP.png" alt="TradingView Chart" />

Source-<a class="editor-rtfLink" href="https://www.tradingview.com/x/0XHAT1hP/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>AXS Technical Analysis </h2>
The AXS/USDT chart shows the price coming back to the $50 support zone for the third time since the start of 2022. The bearish anticipation of downfall below $50 will find support at the $38 mark.

The flattish 100 and 200-day EMA shows a bearish crossover, with the 50-day EMA providing a constant dynamic barrier. Hence, the EMAs are expected to be moving along with high-selling pressure areas.

The Stochastic RSI indicator shows the K and D line nosedive below 70% following a bearish crossover. Hence, the falling lines indicate the end of the bull cycle.

The RSI indicator slope show rejection from the central line and retraces to the 14-day average line. However, the slope shows a bullish divergence in the last two dips at the support zone. 

In a nutshell, AXS technical analysis projects a bearish bias as the retracement gains momentum.
<h2>Upcoming Trend</h2>
<a href="https://www.cryptoknowmics.com/news/axs-technical-analysis-late-retest-resurges-the-bullish-morale/">AXS</a> coin price anticipates a bearish downfall if the sellers strengthen their grip over trend control and bring the $50 fallout. However, the high demand accompanying the emotional barrier will be challenging for the bears. 

Contrarily, if bulls regain trend control with a reversal, the altcoin would rally higher and retest the trendline. 

Support Levels: $50 and $40

Resistance Levels: $60 and $70

&nbsp;

AXS Technical Analysis: Can Sellers Break The $50 Support?

AXS coin price fails to surpass the resistance trendline and retraces to the $50 support. Will the increased selling pressure bring heavier discounts?

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 Technical Analysis: Can Sellers Break The $50 Support?

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