- The Axie Infinity Token continues to move downwards in each of the time frames such as daily and weekly.
- The Super Trend indicator is still showing sell signals on the daily price chart since the beginning of April.
- During the downtrend, trading volume on the daily price scale continued to decline.
The Axie Infinity token again attempts to dip into the lower levels. The bulls again got rejection near the falling trendline for the past several days. Meanwhile, the price action is again forming a low-low and a low-high.
The AXS token is trading in the red zone of the Super Trend indicator in terms of the daily price chart. The bulls failed to manage each of the support levels and each support level got tuned into the resistance level.
Now the AXS token has moved to a 2022 low. What do you think, will altcoins reverse from the bottom or not?
The weekly price candle breaks the previous low while it is down by 17.5%. Thus, the Axie Infinity Token is trading at the $13.36 mark at the time of press.
For a sharp bullish rally, bulls need to consolidate the AXS token above the downsloping trendline (white). Meanwhile, according to CMC, the token’s market cap has fallen by more than 11% in the past 24 hours to over $1 billion.
During the downtrend, trading volume continued to drop on the daily price scale. Although the trading volume shows low volatility in the Axie Infinity token. Furthermore, the Axie Infinity Token with the bitcoin pair is trading 7.5% at 0.0006925 satoshis in the red zone.
RSI again headed lower side
Again the RSI indicator failed to break above the resistance (50-mark) in the context of the daily price chart. Again the indicator moved towards the oversold zone.
Similarly, the ADX rose to the point 14, indicating weak strength in the ongoing momentum.
conclusion
Axie Infinity Token struggles for a downtrend as the RSI indicator reverses from the semi-line (50-point). A bounce off the recent lows can be expected.
Technical Levels
Resistance level- $18 and $28
Support level- $12 and $10
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.