– A recovery rally initiated this week has gained 50% as the price currently trades at $3.93. The price action is at the doorstep of a combined resistance of $4 and 20 SMA, preparing for a bullish breakout. – Moreover, the token chart shows a rounding bottom pattern in the 4-hour time frame, suggesting a better probability for a $4 breakout. The moving average convergence/divergence shows a bullish crossover of the MACD and signals line, providing additional confirmation for a price increase.
– The sellers marked a new lower low($46.6) at the support trendline, triggering a bullish pullback to the overhead resistance. Thus, until this pattern is intact the AXS price will remain in a bearish trend. – The bullish breakout from this falling channel could provide an excellent long opportunity to buyers. – The ADX(32.8%) slope rallying higher indicates the increasing bearish momentum.