AXS Technical Analysis: Increased Bearishness Intensifies Retest Phase
AXS is the Ethereum token, which is the basis for Axie Infinity, a blockchain-based game that lets players fight with each other, collect coins, and build the digital world of their pets. The token holders can earn rewards for depositing their tokens while playing the game as well as participating in key decisions regarding governance.
Let us move ahead to read about Axie Infinity technical analysis.
Past Performance of AXS
AXS token price shows a downfall of almost 20% in the past four days from the 50-day EMA resulting in the falling channel retest. Moreover, the recent fall of 6.72% in the past 24 hours reflects the rise in the trend momentum. However, the confluence of a horizontal level at $60 and the falling channel indicates a possible post-retest reversal.
AXS Technical Analysis
The AXS coin price shows lower price rejection near the upmost trendline of the falling channel and the $60 mark. Therefore, despite the rising trend momentum in the downfall, traders can shortly find a buying opportunity.
The MACD indicator shows a failure of the fast line to surpass the zero line resulting in a sideways movement. Hence, the chances of a bearish crossover are increasing as the gap within the fast and slow line decreases.
The Bull and Bear Power indicator shows a rise in the bearish powers as the slope crosses below the zero line after the rejection near 23%. Therefore, the indicator reflects the increased selling pressure.
The crucial Exponential moving averages are trending lower to achieve the bearish alignment as the falling 100-day EMA may shortly cross below the 200-day EMA. Moreover, the 50-day EMA provides dynamic resistance to keep the bullish growth in check.
In short, the technical indicators showcase a rise in the underlying bearishness promoting the fallout below $60 possibility. Therefore, AXS traders can find a selling opportunity shortly.
Upcoming Trend
The AXS coin price struggles to avoid bearish invasion as the selling pressure increases with the recent downfall. Therefore, the reversal possibility with the successful retest of the falling channel breakout decreases.
Therefore, buyers need to wait till the breakout of $70 before siding with the bulls. The uptrend can reach the $90 mark with a successful retest. However, the fallout will result in a selling opportunity with a target at $50.