AXS Technical Analysis: Buyers Attempting Pattern Breakout To Reach $28

With the increased buying last night, the AXS prices attempt to surpass $25 with an ascending triangle breakout sharing a neckline at $23. Key technical points: AXS prices approach $25. The Stochastic RSI shows a bearish merger. The 24-hour trading volume of Axie Infinity is $230 Million, indicating a rise of 62%. Past Performance of AXS The AXS/USD technical chart shows a downfall after the first bullish week of May, accounting for a 20% surge. However, the second week cancels out the bullish recovery resulting in a collapse of 47%, followed by an ascending triangle pattern. Source-Tradingview AXS Technical Analysis The ascending triangle in AXS/USD chart comes to a completion as the recovery surpasses the 50 EMA and challenges the $23 neckline. The breakout attempt comes with a surge in buying pressure, increasing the breakout rally chances. The prolonged downtrend in the previous months has influenced the EMAs to gain a bearish alignment with the 50 EMAs that provided dynamic resistance. However, the recent surge breaks the resistance and adds points to the reversal ideology. The RSI rises above the midline to enter the nearly overbought zone after a long consolidated motion. In addition, the surge in the underlying bullishness surpasses the 14-day SMA line increasing the chances of a bullish breakout. The Stochastic indicator displays the K and D lines merging after a successful bull cycle in the overbought territory. Ther...