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![Buyer confidence wanes as Axie Infinity [AXS] drops below $13](https://cryptonoiz.com/wp-content/uploads/2022/10/PP-3-AXS-cover-1000x600.jpg)
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- Each day timeframe bearish construction
- 38.2% Fibonacci retracement has confluence with vital horizontal
Axie Infinity [AXS] was rejected on the $13.1-resistance stage for the third time since mid-September. The quantity has certainly been unfortunate for AXS bulls or fortunate from the bears’ perspective. With Bitcoin unable to scale the $20.5k-$20.8k resistance zone as properly, it appeared that the following week or two may see promoting stress intensify.
To the south, AXS has sturdy assist close to $10. Can the consumers have any say out there within the coming days?
Construction bearish, shorts positions are favorable
Supply: AXS/USDT on TradingView
The momentum indicator confirmed that since August, AXS has seen sturdy downward momentum. The RSI has been beneath impartial 50 for more often than not from early August to press time. Alternatively, the OBV fashioned greater lows in latest weeks. This advised regular shopping for quantity, regardless of the downtrend of the worth. Can a powerful rally be across the nook?
If Bitcoin can swiftly climb previous the $20.8k-resistance, it may shift the sentiment to strongly bullish for a lot of altcoins. For AXS, the $12.5 and $13-levels have been sturdy helps prior to now. Additional south, $10.6 and $9.2 are additionally long-term helps.
The Fibonacci extension ranges (yellow) present a very good confluence with the aforementioned horizontal ranges. This confluence may materialize in a bullish response for AXS on the $10.7-$10.6 belt and $9.2 assist as properly. A revisit to the $13-mark would possible provide a very good risk-to-reward alternative to enter a brief place.
$11.6, $10.7, and $9.2 can be utilized to take a revenue. Invalidation of this bearish notion can be a session (12-hour or day by day) above $13.6.
Sentiment weighing AXS down?
Supply: Santiment
The social quantity weighted sentiment was detrimental for AXS. It has been so from the start of July, with temporary optimistic spikes. On the worth chart as properly, the sentiment was bearish because the downtrend persevered. The surge in July and early August was totally retraced and at press time, the worth was close to its August lows.
Social presence additionally dwindled in latest weeks for AXS. The variety of energetic Twitter customers speaking about AXS has additionally been on a downtrend since mid-August, alongside the worth.
Taken collectively, the metrics and the charts painted a bearish image for AXS. A transfer previous $13.6 would invalidate the bearish notion introduced on this article. A leg decrease may take AXS as little as $9.2.
