Rising AXS Price Aims To Reclaim $17.6 Mark 

For nearly two months, the Axie Infinity (AXS) price resonated inside a falling wedge pattern. However, the altcoin recently rebounded from the $ 12.3 support pump by 34.3% and poked the nearest resistance of $ 17.6. Can buyers undermine the supply pressure and give a legitimate breakout?

Key points:

• The AXS price action following a falling wedge pattern
• The AXS price faces supply pressure near $ 12.3
• The intraday trading volume in AXS price is $ 409.6 Million, indicating a 10% loss.

Source- Tradingview

The AXS / USDT technical chart represents the traders responding to a falling wedge pattern. The altcoin falling within this pattern marked a low of $ 11.92 on June 18th. However, the dual support of the downsloping trendline and $ 12.3 level bolstered a bullish reversal.

The AXS price rebounded from the $ 12.3 support on June 19th, challenging the immediate resistance of $ 17.6. Moreover, with a 101.6% volume increase, the strikes this resistance with a long bullish candle.

If the AXS buyers manage a candle closing above the $ 17.6 resistance, the coin price could surge more than 12-14% before it reaches the overhead trendline.

A potential reversal from this resistance could continue the consolidation phase within the falling wedge and sink the coin price below $ 12.3.

However, to obtain a genuine recovery signal, the AXS buyers need to breach the dynamics resistance trendline of the wedge pattern. A successful breakout could drive the altcoin to the $ 35.2 mark.

Technical indicator

The Vortex indicator shows the VI + and VI-slopes are steadily nearing each other, which could soon lead to a bullish crossover. This buy signal accentuates growth in buying momentum.

However, the 20-day EMA aligned with the $ 17.6 resistance assists sellers in preventing the $ 17.6 breakout. If they succeed, the altcoin will take a quick dip to $ 12.3 support.

• Resistance levels-$ 17.6 and $ 35
• Support levels-$ 12.2 and $ 9.3