Axie infinity (AXS) – Ready to stretch its short-term downtrend to new lowsPosted on Sunday, September 25 2022 at 9:08 pm GMT+0000
Axie infinity’s (AXS) recent recovery from the 11.64 low tagged on the 19th of September snagged around the upper-line of the regression channel stretched from the 3rd of September top, and the price reversed back lower.
The aforementioned bullish attempt did not harm the short-term negative structure, which is safeguarded by the negatively charged 50- and 100-period simple moving averages. Moreover, the momentum oscillators are currently suggesting that selling forces are gaining power again. Specifically, the momentum indicator has plunged below its equilibrium line, and the MACD has slid beneath its signal line in the positive region.
Hence, following a dip below the 50- period simple moving average, sellers will rechallenge the 19th of September low at 11.64. By cracking that floor, they will initially target the Fibonacci golden number of the 11.64 – 13.69 up-leg at 10.37. further lower, they will pursue the 261.8% at 8.32.
Nevertheless, if the bulls re-emerge and try to oppose the overwhelming bearish bias, they will have some work to do before they claim victory. First, they will need to jump over the channel’s upper-line and the adjacent 100-period simple moving average, then secure a remarkable move beyond the most recent intraday top at 13.69. If that turns out to be the case, the bullish action will likely pick up steam towards the 15.31 – 15.44 region linking the 3rd and 9th of September intraday tops.
Overall, Axie infinity is maintaining a discouraging short-term outlook inside the regression channel and a dip in the price past the 11.64 level will motivate a sharp decline towards a fresh lower low around 10.37.