Axie Infinity [AXS]: Identifying the next shorting opportunity at hand – Coin-News24.com

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Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation

The native token of Axie Infinity, AXS, has had it tough out there over the previous week. To be truthful, your entire market has been dominated by concern and Bitcoin’s slide didn’t do any favors to the token. What gave the impression to be a doable bullish breakout in early February was rejected definitively at a band of resistance.

AXS- 1 hour chart

Supply: AXS/USDT on TradingView

The $55.56 stage (white) was marked as a better low after the value stagnated within the $44-$48 space in late January. The short-term uptrend early this month didn’t final, and the $70-level was too sturdy for the bulls to beat. For just a few days, the value hovered above $63.25 as help, however fell beneath it.

Over the previous few days, the value has retested the $55.5 stage from under. This bearish retest confirmed this stage as a short-term resistance stage, and the value was buying and selling throughout the $44-$48 space as soon as once more.

It will be important that demand arrives on this space, nevertheless, it may be unlikely. Bulls might be exhausted within the hours to come back. If the promoting strain throughout the market doesn’t relent, then AXS would doubtless drop in direction of $38 within the days to come back.

Rationale

Supply: AXS/USDT on TradingView

The MACD has been under the zero line for the most effective a part of two weeks. The early February breakout failed, and though bulls tried to shift the momentum of their favor in mid-February, it was to not be. On the time of writing, the MACD had taken a nosedive below the zero stage.

The Directional Motion Index highlighted that the previous few hours noticed a downtrend intensify in energy. Particularly as each the ADX (yellow) and -DI (purple) climbed larger.

Conclusion

A shopping for alternative on the decrease timeframes can’t be seen. Whereas the $44-$48 space might see a bounce, the concern throughout the market and uncertainty round Bitcoin might see AXS undergo additional losses. At press time, the pattern was downward for Axie. This advised that the $50-level might see a shorting alternative come up.

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