Axie Infinite Coin Completed A Bearish Pattern; Are We Losing $10 mark? latest News

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AXSAXS

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The Axi Infinite coin chart shows that the price has resonated in a descending triangle pattern for almost four months. In theory, a lower higher formation within this pattern signals a loss of bullish momentum. Finally, a breakdown below neckline support would indicate that sellers are wrestling with trend control.

key points:

  • Axi Anant Coin shows a loss of 16.5% within a fortnight
  • Under the influence of the above pattern, the altcoin lost the monthly support at $12.6
  • Axie infinity (AXS) coin has an intraday trading volume of $12.3.4 million, representing a gain of 2.28%.

Axi Infinite CoinAxi Infinite CoinSource- tradingview

The recent selloff in the crypto market helped AXS sellers complete a descending triangle pattern. On September 18, Axi Infinite Coin made a steep decline from the neckline support of $12.66, encouraging a resumption of the prevailing downtrend.

The altcoin is trying to stay below the support level it broke over the past five days. Furthermore, high value rejection candles indicate sufficient supply pressure during the retest phase. Nevertheless, the increase in volume activity during the retest candle shows that buyers have not yet thrown in the towel.

Therefore, if buyers break the $12.66 mark and the resistance trend line within two weeks, market participants could see a fresh recovery rally.

Conversely, if the sellers manage to sustain the price below the $12.65 resistance level, the bullish momentum should eventually come to an end. Moreover, the fall after the retest will see the price of the Axie Infinite coin drop by 24.5% to the $9.5 mark.

technical indicators

EMA: Important downward sloping EMAs (20, 50, 100, and 200) fuel aggressive downside. Furthermore, the 20-day EMA discount at the $13 mark helps sellers keep the price below the neckline of the pattern.

RSI Indicator: The indicator value below the midline indicates that the current market sentiment is bearish. However, a positive divergence in the daily-RSI slope strengthens the chances of a price recovery.

Axi Infinity Coin Price Intraday Level

  • Spot Rate: $12.58
  • Trend: Bearish
  • Volatility: Low
  • Resistance Levels – $15.3 and $17
  • Support Levels – $11 and $9.5

I am working in journalism since last 5 years. I follow Blockchain and Cryptocurrency for the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. raech out me at brian (at) coingape.com

Axie Infinite Coin Completed A Bearish Pattern Are We Losing CryptomarketBagAxie Infinite Coin Completed A Bearish Pattern Are We Losing CryptomarketBag

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.

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