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AXS analysis – a reverse pattern is created. What resistance does the price have to overcome?

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AXS, like many altcoins, bounced back from support and created growing leg. However, this leg has not yet been able to break the last maximum. Thus, the reversal of the trend is not confirmed, even if it is forming potential 123 bottom formation pattern. In addition, the last minimum was created on the key export, which increases the chances of ending the correction.

Price must exceed the last maximum in point 2 at $ 145 and only then will the growing trend be confirmed. Until then, it is possible that the price will create storage zone sideway. However, the key is to maintain it double bottom on the surface around the point of control. In the short term, the price continues alongside with the potential to reverse the rising trend.

AXS / USD 4HAXS / USD 4H. Source: TradingView

AXS is in a long-term growing trend

In the long run, the price did not reverse the trend and the growing trend is still relevant. The price reaches long-term higher minimums and maximums. The current situation is not an exception, where even the support of the potential 123 bottom formation represents the support of the entire side structure valid from the beginning of October.

Volumes have increased in the short term and this is another bull signal on the price chart, albeit only short-lived. There is a fairly decent hype around AXS and it is likely that if the market starts to grow again, the token price will reach a new ATH.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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