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In this analysis, I want to review the AXS coin for you. The AXS project is one of the crypto gaming projects, currently ranked 124 on CoinMarketCap with a market cap of $357 million.
⚡️ This project was highly hyped during the previous bull run in 2021, but after a while, the hype faded and we witnessed severe declines in this coin. It is still in a downtrend.
📅 Daily Time Frame
In the daily time frame, as I mentioned, this coin has been in a long-term downtrend, and recently, with the break of the 4.193 level, the next leg of the trend has begun, and the price has moved downward.
✔️ In the previous analysis, if you remember, I told you that to buy this coin, you should wait for the price to stabilize above the 7.366 level, and if it stabilizes below 5.439, a drop could occur.
📉 As you can see, the price never stabilized above 7.366, and after breaking 5.439, a strong bearish trend began. I hope you used this trigger and made good profits from this bearish move.
⭐ We can draw a trendline from the price lows, and in every move the price has made, it has reacted to this dynamic area and started a new leg after some correction.
🧩 Currently, the price is near an important support at the 2.2 area, and both volume and RSI strongly indicate momentum. If this support breaks and RSI enters the oversold zone, we can expect a sharp bearish move from the price.
🎲 The next support the price has is at the 1.355 level, which is the most important price support, and in my opinion, if the price makes another bearish leg, it will react to this area.
⏳ 4-Hour Time Frame
In the 4-hour time frame, as you can see, the price is in a descending channel and has now formed a range box at the bottom of the channel.
💫 The bottom of the box is at 2.2 and the top is at 2.431. A break of the box bottom can bring the price back to the box low again. A break of the box top can start a bullish leg up to the top of the channel.
💥 On the other hand, usually when a box forms at the bottom of a descending channel, the price goes through some time-based correction and likely ranges toward the channel midline.
🔍 Also, pay attention to the RSI oscillator. RSI entering the oversold zone confirms a short position, and a break of the 50 level confirms a long position.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
In this analysis, I want to review the AXS coin for you. The AXS project is one of the crypto gaming projects, currently ranked 124 on CoinMarketCap with a market cap of $357 million.
⚡️ This project was highly hyped during the previous bull run in 2021, but after a while, the hype faded and we witnessed severe declines in this coin. It is still in a downtrend.
📅 Daily Time Frame
In the daily time frame, as I mentioned, this coin has been in a long-term downtrend, and recently, with the break of the 4.193 level, the next leg of the trend has begun, and the price has moved downward.
✔️ In the previous analysis, if you remember, I told you that to buy this coin, you should wait for the price to stabilize above the 7.366 level, and if it stabilizes below 5.439, a drop could occur.
📉 As you can see, the price never stabilized above 7.366, and after breaking 5.439, a strong bearish trend began. I hope you used this trigger and made good profits from this bearish move.
⭐ We can draw a trendline from the price lows, and in every move the price has made, it has reacted to this dynamic area and started a new leg after some correction.
🧩 Currently, the price is near an important support at the 2.2 area, and both volume and RSI strongly indicate momentum. If this support breaks and RSI enters the oversold zone, we can expect a sharp bearish move from the price.
🎲 The next support the price has is at the 1.355 level, which is the most important price support, and in my opinion, if the price makes another bearish leg, it will react to this area.
⏳ 4-Hour Time Frame
In the 4-hour time frame, as you can see, the price is in a descending channel and has now formed a range box at the bottom of the channel.
💫 The bottom of the box is at 2.2 and the top is at 2.431. A break of the box bottom can bring the price back to the box low again. A break of the box top can start a bullish leg up to the top of the channel.
💥 On the other hand, usually when a box forms at the bottom of a descending channel, the price goes through some time-based correction and likely ranges toward the channel midline.
🔍 Also, pay attention to the RSI oscillator. RSI entering the oversold zone confirms a short position, and a break of the 50 level confirms a long position.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💥 Don’t Miss Out!
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.