Axie Infinity struggles to maintain bullish momentum, AXS may return to $65

  • Axie Infinity price fails to follow through with more buying activity.
  • Selling pressure retraces nearly all of Wednesday’s gains.
  • Price action swing structure suggests lower moves ahead.

Axie Infinity price stalls against the daily Tenkan-Sen, generating a new lower swing high and setting up AXS for another push south.

Axie Infinity price relief rally likely terminated as bears look to take over

Axie Infinity price had a nice 22% bounce from the Monday lows, but sellers came in at the Tenkan-Sen and thus prevented AXS from moving above the Tenkan-Sen. As a result, further bearish warning signs exist within the oscillators.

The Relative Strength Index (RSI) remains in bear market conditions, with the first oversold level at 30 and the second oversold level at 20. The current slope of the RSI is pointing down, forwarning of another test of 30 or 20. Additionally, hidden bearish divergence exists between the candlestick chart and the Composite Index. The Composite Index printed higher highs, but the candlestick chart printed lower highs.

AXS/USDT Daily Ichimoku Kinko Hyo chart

The combination of the rejection against the Tenkan-Sen and the hidden bearish divergence with the Composite Index provides significant weight for a bearish bias in the near term. Sellers may push Axie Infinity price to a shared support zone between the 100% Fibonacci extension at $60 and the Volume Point Of Control at $67.

If bulls want to deny Axie Infinity price any lower movement, then they will first need to push for a close slightly above the Tenkan-Sen at $80. After that, a close above the Kijun-Sen, currently at $90. The ideal setup for Axie Infinity to display a clear and undeniable uptrend is a close above the Cloud with the Chikou Span in open space. The earliest that this can occur is at $127, not an insignificant move that would need to occur.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets cling to the idea of a bullish breakout

Bitcoin price is slowing down as it sticks close to a crucial support level with no volatility in sight. Ethereum and Ripple are following the big crypto’s lead and consolidating, showing no directional bias whatsoever.

More Bitcoin News

Dogecoin Price Prediction: DOGE set to dip another 15%

Dogecoin (DOGE) is under siege by bears as price action books a fourth consecutive day of losses. DOGE bulls are being pushed up against support at $0.16, which goes back to July 20. If global markets sentiment does not change, more downside is in the pipeline for DOGE, with a dip towards $0.13.

More Dogecoin News

Sandbox price finds stable support as SAND readies to rebound

Sandbox price is bouncing off a confluence of support, suggesting that an uptrend is likely. Investors can expect SAND to face a minor blockade before reaching the next significant hurdle.

More Sandbox News

Cardano price bullish reversal pattern could launch ADA toward $1.96

Cardano price has sliced above a crucial resistance barrier, which validated a bullish chart pattern. However, momentum declined as ADA retraced slightly, testing a critical line of defense before the Ethereum killer targets bigger aspirations.

More Cardano News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis