$AXS breakout looks confirmed as it retraced and held above the descending trendline.

The $AXS breakout is looking more credible now that it's survived a retest. $AXS is now at $0.894, with a 4H MACD holding a bullish posture, while the RSI sits at an extremely stretched 70.32 against a 70.15 moving average. Yeah, $AXS is quite overbought right now.

After the initial break above the multi-week descending trendline, $AXS pulled back and tagged that same trendline again near $0.85, and instead of losing it, price held and reversed higher, closing back above $0.89. That's the retest that confirms a breakout rather than just a spike through resistance.

However, a more confirmed breakout above the $1.00 - $1.05 zone will be the complete reversal confirmation for $AXS, opening a path toward $1.70-$1.80, and $0.80-$0.85 as the level that needs to hold to keep that structure intact.

The near-term caution is the overbought RSI; $AXS might drop further to cool off the RSI. But then, it needs to hold $0.85 during the cool-off, or a retest of the trendline, to maintain the positive sentiment. A slip below the trendline will open the path to the $0.82 support once more. #gaming