Altcoins

Axie Infinity [AXS] slipped beneath $43, here are the next targets

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

In March, Axie Infinity tokens had been buying and selling at $45, which was additionally a long-term assist degree for the value on the charts. Because the month of March progressed, the bulls had been capable of provoke a rally and drive costs as excessive as $74.85. This noticed a pullback to $62, earlier than one other rally to $75.55 which had much less conviction. In April, Axie Infinity has been in a downtrend as the costs dropped under $60 as soon as extra.

AXS- 1 Day Chart

March rally gains fully retraced, where to next for Axie Infinity?

Supply: AXS/USDT on TradingView

After the rally in March, costs slumped again beneath the $60 degree and flipped the market construction from bullish to bearish. As soon as this bias had been flipped, the bearish momentum snowballed in early April to push AXS beneath the $55 and $50 ranges.

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Based mostly on this transfer from $75.55 to $50.1, a set of Fibonacci retracement and extension ranges was plotted. They confirmed the 27.2% and 61.8% extension ranges to lie at $43.19 and $34.39, which meant these are lows that AXS was prone to plumb within the weeks to return.

The Quantity Profile Seen Vary additionally highlighted the Worth Space Lows and Highs to lie at $44.85 and $64.9 respectively, going again to mid-January. The Level of Management lies at $47, and AXS was buying and selling at $39.74 and climbing at press time after assembly some assist at $38.46.

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Rationale

March rally gains fully retraced, where to next for Axie Infinity?

Supply: AXS/USDT on TradingView

The RSI has been beneath impartial 50 for almost three weeks now. Nonetheless, it didn’t but present a divergence to warrant a bounce. Within the days to return, a hidden bearish divergence on the RSI may seem.

That is when the value makes a decrease excessive however the RSI pushes to a better excessive, and this might mark an area high on decrease timeframes for AXS earlier than continued draw back towards $34.4.

The OBV has additionally been in a gentle downtrend to focus on how promoting strain has been important lately and agreed with the value motion. The Aroon Indicator additionally had the Aroon Down (blue) dominant on its chart for many of April.

The Superior Oscillator continued to stay under the zero line and indicated weakening bearish momentum just a few days in the past as AXS bounced from $44 to $47. Nonetheless, it shifted to a promote sign as soon as extra the day prior to this.

Conclusion

The indications above supported a bearish outlook for the value, and the Fibonacci extension ranges gave a technical goal of $34.39. Therefore, it stays doable that additional promoting strain might drive AXS as little as $35.

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