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Sellers’ momentum is increasing in the Axie market
Axie Infinity (AXSUSD) Price Analysis – 12 November
A further increase in the bears’ pressure may break down the $6.5 level which may decrease to $6.4 and $4.8 support levels. Opposition from the buyers at the $6.5 level may increase the Axie toward the resistance levels of $7.5, $8.3, and $10.0.
AXS/USD Market
Key Levels:
Resistance levels: $7.5, $8.3, $10.0
Support levels: $6.5, $6.4, $4.8
AXS/USD Long-term Trend: Bearish
AXie Infinity is under the bears’ control. Sellers rule the world of the Axie market since the beginning of August. Strong daily bearish candles are produced. The former resistance level of $10.0 and $7.5 has been penetrated the downside and turned to resistance levels at the moment. The support level of $8.3 was tested and the price pull back to retest the resistance level of $10.0. On 06 November, sellers opposed the bullish movement and the price is currently testing the $6.5 support level. The price may test the previous low at $4.8 level.
On the daily chart, sellers are dominating the market. The price action is breaking down the support level of $6.5. A further increase in the bears’ pressure may break down the $6.5 level which may decrease to $6.4 and $4.8 support levels. Opposition from the buyers at $6.5 level may increase the price toward the resistance levels of $7.5, $8.3, and $10.0. The Relative Strength Index (14) is moving towards the oversold region, indicating a further downward movement.
AXS/USD Medium-term Trend: Bearish
AXie Infinity is bearish in the 4-hour chart. Last week, the price carried out a price retracement from the support level of $8.3 to the resistance level of $10.0. The bullish momentum failed at the just-mentioned level. Sellers gain more pressure and push the price below last week’s low. Axie is targeting a $6.4 support level.
The price is trading below 9-periods EMA and 21-periods EMA as an indication that the bears are in control. The Relative Strength Index period (14) is at 34 levels and the signal line points down to indicate a sell signal.
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