AXS Technical Analysis: Past Week Witnessed a Downtrend in the Prices. Lower highs Seen, Support at $113.03

Ankita  |  Oct 13, 2021

AXS is the governance token for Axie Infinity. Token holders will be able to shape and vote for the direction of the game universe. This is unlike traditional games where all decisions are made by the game developers. AXS holders will be able to stake their tokens to earn more AXS and even vote for governance proposals.

Sky Mavis raised $152 million from at least six crypto and blockchain investors in its Series B round. Founded in 2019, the gaming studio shot to fame after its game Axie Infinity went viral. The game allows players to collect and battle cute and fierce virtual pets called Axies. Let us look at the technical analysis of AXS.

Past Performance

The AXS started trading on 6th October 2021 at $128.71. There was a downtrend across the week. AXS closed yesterday, on 12th October 2021, at $122.07 with a -5.1% change.

TradingView Chart

AXS Technical Analysis

The past week witnessed a downtrend in the prices. Lower highs were seen, and the price finally took support at $113.03. The price may bounce from this support or go below it to continue the downtrend.

AXS is currently trading at $120.72, which is 1.5% lower than yesterday’s close. This is a bearish signal.

OBV is showing a slightly inclined line. This means that the buying pressure is dominating the selling pressure by a small margin. This is a neutral signal.

RSI just came out of the overbought region. This is a bearish signal, meaning that a price correction may be seen again. Traders may take a short position if the price falls below the current support at $113.03.

MACD is showing a red flag here. The fast line is intersecting the slow line to go below it. This is a strong bearish signal. Traders may take a short position here.

Day-Ahead and Tomorrow

Fib retracement is showing that the price hit the fib resistance at $155.27 and could not break it. It reversed the trend and right now it is taking support at the Fibonacci level of $114.33.

Thus, the indicators are either neutral or negative. This means that traders may take a short position here by keeping a stop loss at $113.03.

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