AXS Price Prediction: Bulls tumble momentum forming lower lows

AXS token shows a favourable bearish scenario diluting the momentum on the chart. The price action formed the lower lows sequence. The bulls are losing stamina and flattening in front of bears. AXS is now trading below its 20 day EMA and hovers on its 50 days EMA. The sellers were making short positions for the last three successive sessions. The token price dropped by 18% in the last 7 trading sessions.

In the past weeks, AXS price broke out of the ascending triangle pattern and gave a breakout, but the voyage didn’t last long and faced 200-days EMA rejection near $13.50.

The bulls cannot break the upper trendline and get turned down resulting in lower highs and lows. This sequence makes the token trade below its 20 EMA and forms bearish candles. The price structure revealed to begin in a downtrend. The lower trendline is the crucial end for holding the range, which, if it breaks, reverts the trend in favour of bears.

Daily chart Shows Price Correction

On the daily chart, Axie Infinity token is even confused about ruining the lower trendline or retesting the 200 days EMA. The token stayed near its 50 and 100 days EMA. A bounce may be seen if the price persists in holding this range. Meanwhile, more selling pressure happens if the price breaks the multiple EMA support range.

At the time of writing, the token is trading at $9.96 with an intraday drop of 5.90%, depicting bearish cues. Moreover, the pair of AXS/BTC is at $0.000431 satoshis with a drop of 2%. Despite that, trading volume rose by 20%, showing the attraction of traders to the token.

However, the token forms a symmetrical triangle pattern, though the price is near its lower trajectory and hovers near the crucial mark of $10.

Short term chart shows gradual momentum eroding gradually

On the 4-hours chart, Axie Infinity price action is signalling that when price bounces from the lower trendline in the last week, the price moves upwards and hits $11.50 which is 61.8% Fib levels, then the sellers are forcefully pushing back the bulls and price retraced back.

Last month, the token touched $14 and faced a strong resistance zone. After that, the token gradually declined in strength resulting in a price drop.

Traditional indicators on AXS

RSI ( Bearish) : The RSI curve is heading towards the selling zone implying that the bears are maintaining a strong grip over their positions. The curve is at 44 and ready to test the lower range.

MACD ( Bearish ): The MACD indicator is showing extremely bearish cues, initiating bearish crossover in the recent days. The token tries to give bullish crossover but fails, resulting in continuation of bearishness. The red bars continue to show up on the histogram.

Technical Levels:

Support Levels: $9.00

Resistance Levels:410.50

Conclusion

Axie Infinity token is facing selling pressure since last week and bulls are not able to maintain the gains. The token slips below 20 days EMA and faces a strong hurdle to escape the $11 mark.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing