AXS cryptocurrency - counter-trend trade with a target of $43

6 Mei 2022

Everyone who had the opportunity to watch the online growth of the cryptocurrency AXS in the period from June to October 2021 is now shocked. The gaming token, which grew uncorrected and ignored the local waves of bitcoin decline, is now one of the weakest. The global prospect of falling AXS is great.

We believe that the price of AXSUSDT may fall to the range of $19-21. The main question is whether sellers will be able to realize such a fall without deep rebounds.

The global breakthrough of the initiative on the cryptocurrency AXS occurred after the breakdown of the $43 range. All this happened without increased trading volumes, which confirmed the need for cryptocurrency now. If we analyze the trading volumes not only on the Whitebit exchange (according to the charts of which we are now analyzing) but also on other exchanges - it becomes clear that trading volumes began to grow in late April 2022.

Of course, these trading volumes are not equal to July 2021. As a result, a consolidation in the range of $27-35 was formed. These facts suggest that the sellers do not have enough strength to continue to fall without correction. In addition, the price of BTC also came at a critical moment, from which buyers still have a chance to organize a local wave of growth.

Analyzing the graph of USDT dominance, we see that the figure is at historical highs.

All indications are that now is an important critical point, which will set the direction of price movements in the medium term.

Going into a short position is now much riskier than trying to catch a counter-trend deal. Opening a short position for us would be wise after the $43 test mark. As long as we see the local weakness of sellers there is a chance to catch a correctional wave up:

AXS trade

Entry: $27.4-28
Stop: $24.97
TP-1: $34.2
TP-2: $43

Importantly:
1) The size of the position must be smaller than usual (counter-trend agreement)
2) The size of the position should be divided into 2-3 inputs. One part to go today, the other - May 7-8 (if buyers keep the price). The last entry into the position should take place after active rebounds of the AXS price up.

We recommend that you follow these rules when trading against a trend. So you will not miss trading situations and in case of error (and they will be) losses will be controlled.