After failing to break above the consolidation range, the Axie Infinity (AXS) prices drop by 26% to break below the $15 mark. However, the increasing lower price rejection candles project the possibility of a bullish turnaround. Should you consider turning bullish to rise the reversal rally within the range? Key Points: The AXS market price trades under the 50 and 100-day SMA. The RSI indicator projects a recent surge in the underlying bearishness. With a market cap of $1.21 billion, the intraday trading volume of Axie Infinity has increased by 30% to reach $136 million. Source – Tradingview AXS Technical Analysis After a failed bullish attempt to give the double bottom breakout, the AXS prices take a sideways shift forming a range below $19. The recent breakout attempt fails miserably due to the double top formation resulting in a 26% drop within a week to break below the psychological mark of $15. Furthermore, the correction phase decreases the possibility of a bullish crossover between the 50 and 100-day SMA. Hence, the technical analysis displays a high supply pressure zone present at the $20 mark. However, the buyers control the downtrend with multiple lower price rejection candles near the $14 mark. This increases the possibility of a bullish turnaround challenging the overhead supply zone, accounting for a 20% price jump. Suppose the bullish intentions keep increasing for the AXS prices, the $20 breakout possibility inc...
