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

HashFlare


Published 54 mins ago

The Axie Infinite coin chart showed the prices resonated in a descending triangle pattern for nearly four months. In theory, the lower high formation within this pattern accentuates losing of bullish momentum. Finally, the breakdown below the neckline support will signal the sellers have wrestled the trend control.

Key points: 

The Axie infinite coin shows a 16.5% loss within a fortnight
Under the influence of the aforementioned pattern, the altcoin lose $12.6 in monthly support
The intraday trading volume in Axie infinity (AXS) coin is $12.3.4 Million, indicating a 2.28% gain.

Axie Infinite CoinSource- Tradingview

Genesis-mining

The recent sell-offs in the crypto market assisted the AXS sellers in completing the descending triangle pattern. On September 18th, the Axie infinite coin gave a massive breakdown from the neckline support of dollar 12.66, encouraging the resumption of the prevailing downtrend. 

The altcoin has been trying to sustain below the breached support over the past five days. Moreover, the higher price rejection candles during the retest phase indicate sufficient supply pressure. Still, the volume activity rise during the retest candle reflects the buyers have not thrown the towel yet.

Therefore, the market participants may witness a new recovery rally if the buyers breach the $12.66 mark and resistance trendline within two weeks.

On a contrary note, the bullish momentum should eventually wear off if the sellers manage to hold prices below the $12.65 resistance. Furthermore, the post-retest downfall would plunge the Axie infinite coin price 24.5% lower to hit the $9.5 mark.

Technical indicator

EMA’s: the downsloping crucial EMAs(20, 50, 100, and 200) accentuate aggressive downfall. Moreover, the 20-day EMA wavering at the $13 mark assists sellers in sustaining prices below the pattern’s neckline.

RSI indicator: the indicator value below the midline suggests the current market sentiment is bearish. However, a positive divergence in the daily-RSI slope strengthens the possibility of price recovery.

Axie infinity coin Price Intraday Levels

Spot rate: $12.58
Trend: Bearish 
Volatility: Low
Resistance levels- $15.3 and $17
Support levels- $11 and $9.5

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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