I have bought AXS From the AXSUSDT chart, it shows:
Market Trend: The chart is currently in a clear downtrend along the EMA (Exponential Moving Average) line, with the 100-day EMA and 200-day EMA still above the price chart, indicating strong resistance.
Important Support: The support area around 4.145 USD has been tested several times. If the price breaks this support level, it may see a continued correction to the 3.843 USD and 3.831 USD areas, which were previously rebounded.
Stochastic RSI: It is in the oversold zone (below 20), indicating that the market may have a chance to recover in the short term due to weaker selling pressure, but other indicators should confirm it.
RSI (Relative Strength Index): The RSI value at 40.61 is still in the downtrend zone. If the RSI value increases and crosses the 50 line, it may be a sign that the price has a chance to return to the uptrend.
Trading Volume: Trading volume has decreased during the price correction, which may indicate that selling pressure is starting to weaken. Or there are fewer sellers
Entry Recommendation:
Buying at the support level of 4.145 USD should consider waiting for confirmation from Stochastic RSI that there is a reversal from the oversold zone and see if the RSI value can cut through the 50 line. If so, it may be a good time to buy.
Set the stop loss below the important support level at around 4.00 USD to hedge the risk if the price falls below the support level.
