Axie Infinity (AXS) Analysis
In addition to automated chart patterns, altFINS’ analysts conduct technical chart analyses of top 30 cryptocurrencies. We call these Curated Charts and they evaluate 5 core principals of technical analysis: Trend, Momentum, Patterns, Volume, Support and Resistance.
Axie Infinity (AXS) technical analysis:
Trade setup: Trading in a Channel Down pattern. We wait for a breakout, which could signal potential trend reversal. Previously, following a bearish breakout from Rising Wedge pattern, price resumed a downtrend and broke below $4.50 support. That’s a level that held up in June but was now broken, making a new Lower Low, a sign of downtrend. (set a price alert).
Pattern: Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Support and Resistance: Nearest Support Zone is $4.50, then $4.00. The nearest Resistance Zone is $6.00 (previous support), then $7.00, and $10.00.
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