- Axiei Infinity price prints a strong 3-day bearish engulfing pattern.
- AXS price shows a sparse volume profile hiniting that bulls are uninterested.
- Invalidation of the bearish thesis is a breach above $19.
Axie Infinity price hints at an upcoming sell-off that investors should be aware of.
Axie Infinity price points to $10
Axie Infinity price currently trades at $14.71. A very strong bearish engulfing candle has presented itself as a result of the crypto sell-off that occurred on Friday, August 19. The bearish engulfing candle is now the largest candle established on the 3-day chart this summer. This evidence holds merit that the bears are in control and are aiming to sell the AXS price at lower levels.
Axie Infinity price witnessed a 50% incline before the most recent liquidation. Although the origin points of the rally at $11.85 have not yet been breached, technical indicators hint that the support under those levels is unstable. The Volume Profile shows sparse transactions, and the Relative Strength Index (RSI) fell into oversold territories amidst the first decline. The RSI reading would suggest the current uptrend is more of a countertrend correction than the start of a new bull run.
AXS/USDT 3-Day Chart
If the technicals are correct, a capitulation will likely not occur until $10 is reached. A Fibonacci retracement tool surrounding the largest AXS Bullrun in 2021 supports the $10 price zone as a 38.2% Fib level resides at $9.78.
Invalidation of the bearish thesis is a breach and hurdle above $19. If the bulls can breach this barrier, they could induce a buying frenzy with targets in the $25 zone resulting in a 100% increase from the current Axie Infinity price.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
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