Critical Support and Resistance Level

AXS has successfully breached its descending trendline, indicating a notable bullish momentum.
However, it encountered resistance at a key supply zone, which curtailed its upward trajectory, redirecting the price action downwards.
Notably, a previously established resistance zone has been overcome and has now transformed into a support level. This transition suggests potential for an upward price movement. Nonetheless, if the price were to close below this pivotal area, it would likely precipitate a further decline towards the established demand zone, situated at approximately $5.5. This zone could act as a critical point for a potential bullish reversal, as market reactions at this level could fuel an upward price trajectory.

This analysis is for informational purposes only and should not be considered as financial advice.