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One of the most aggressive projects in the cryptocurrency market now is AXS. The price has been rising steadily since 28 June. At that time, the Bitcoin market was still confidently updating local lows. In 3 months, the AXS price has increased by almost 4000% and now rests on the top trend line of the growth channel. It is probably difficult not to notice that trading volumes have significantly fallen over the past month and a half.
https://www.tradingview.com/x/YmKzpzO2/
By mid-August, we saw a clear interest of market participants in this cryptocurrency. Now it seems that the price of AXS is growing by inertia. Well, by inertia or not it doesn't matter, what's the difference in how to get a return on your investment? In principle, the idea is logical, but in the event of a price collision with an aggressive seller, it is unknown how much the AXS price can fall in an hour. Therefore, keeping a position on the AXS cryptocurrency should insure your investment so as not to lose potential profits.
At the moment, to confidently continue to increase the AXS price, buyers need to take control of the range of $160-$186. In this range, buyers are more likely to face limit orders from sellers. Moreover, the AXS price might slow down its growth trend. In addition, given the increasing dominance of Bitcoin in the cryptocurrency market, capital from altcoins may begin to flow back into Bitcoin. If a new local correction in the AXS market will happen, the critical point for continued price growth is in the range of $78. In this range, sellers kept the price ahead of a new growth impulse for 6 weeks. Confirmation by buyers of its strength in this range will signal a new growth wave with a target of $200.
Technical Analysis of AXS in the Daily Timeframe
https://www.tradingview.com/x/0dz36NnO/
Analyzing the AXS price movement on the daily timeframe, we see that trading volumes began to increase as the price approached the range of $160-$186. Thus, compared to the July trading volumes, it is difficult to call increased volumes. However, compared to the trading volumes since 22 September, when the new local growth wave began, buyers now use reserve energy reserves. Yesterday's daily candle closed below the opening price and formed a pin. So far, sellers have not become more active. This indicates the possibility of several more attempts to break the range of $160-$186. Though, at the moment, a local correction with the first target of $110 is more likely.
The Price AXSBTC Launched a New Global Growth Impulse
https://www.tradingview.com/x/UE5xhgGk/
Analyzing the AXSBTC chart on the daily timeframes, you can see how the price went beyond the consolidation orange channel. The AXSBTC price has been consolidating in this channel since 22 July. Having penetrated this channel, buyers have shown their willingness to continue to grow. But, checking for strength near the mark of 0.00227 will not hurt. In the case of the beginning of local correction from this mark, it is great to open new long positions with a target of 0.041.
Given the fact that the AXS price is diagonally corrected, the market is actually strong. The last favorable factor should be the Bitcoin market, or rather the confident retention of $45,000. In this case, the global correction will be completed and within 2-3 months. We will see new powerful growth impulses of altcoins, including AXS.