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Cryptoknowmics 2022-10-01 15:33:25

AXS Technical Analysis: Declining Trend Warns $11 Fallout

The AXS Technical Analysis displays a declining trend in the daily chart threatening the buyer’s dominance at the $11 support level. The AXS price action displays a long-term downtrend resulting in a descending triangle pattern in the daily chart with the bottom support level at $11. Furthermore, price action shows a new resistance trendline forming another bearish triangle with the bottom support at $11. So, should you consider booking profits in Axie Infinity? Key Points: The Axie Infinity price action shows descending triangle pattern in the daily chart. The declining trend gains momentum and teases a bearish breakout. The intraday trading volume in Axie Infinity is $46.66 million. Source – TradingView AXS Technical Analysis The AXS price action displays a long-term resistance trendline forming the descending triangle with the support level of $11. Moreover, the recent bear cycle increases the possibility of a downtrend below the $11 mark. Currently, the price action shows a power struggle at the new short-term resistance trendline. In addition, the increase in trading volume supporting the bearish candles increases the fallout possibility. Therefore, sideline traders can shortly expect a bearish entry opportunity with the triangle fallout. The AXS price retest of the dynamic resistance trendline suggests a strong possibility for a bearish reversal. The higher price rejection candle accentuates the potential downfall and ca...

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