RLinda ! AXSUSDT-> Breaking resistance of the descending wedge

5 Okt 2022

AXSUSDT has gone into a downtrend phase since November 2021 and has fallen 93% from its high and currently the price is only 12.5.

On the global chart we see a strong drop that started at $160 and the price is slowing its fall around the $12 zone, we see the coin going into a consolidation phase and moving in a sideways range for 5 months.

On the local chart I have marked key elements such as a "downward wedge" and a limit support zone. The downward wedge is a bullish set up and we can see the price pushing back from the limit support level, breaking through the wedge resistance and forming an upward momentum.

I assume that the growth can continue in the distribution phase after the breakdown of resistance. Short-term target - resistance 15.05, medium-term target - liquidity zone 19.89

Regards R. Linda!