Axie Infinity (AXS) Awaits 26% Drop amid Impending Death Cross
- AXS price appears to wait for more declines as a technical indicator shows buyers escaping the marketplace.
- The looming death cross might drive the token lower to a bearish aim of $36.73.
- Bulls might encounter challenges escaping past the consolidation setup.
Axie Infinity (AXS) price expects more drops as a death cross approaches. The primary technical formation predicts a bearish aim of $36.73, translating to a 26% downfall. The downward narrative emerges as the overall financial space sees a bloodbath amid recent sell-offs.
AXS Bears Eye $36.73
Axie Infinity had its price slicing under the descending parallel channel’s lower boundary on its daily chart on 22 January. The prevailing chart formation indicates a bearish stance, targeting the lower price zone at $36.71.
AXS price may struggle to lift the price high as 50-day SMA meets 200-day Simple Moving Average, the former dipping lower. The TRIN indicators also show the pessimistic outlook, flashing increased sellers in the marketplace.
The altcoin might secure the nearest defense line at 21 September low of 448.1- before Axie Infinity plunges towards the 10 August low of $43.29. Additional buy orders might push the alt to the bearish aim of $36.73.
Nevertheless, buying momentum resurgence will have Axie Infinity facing its initial resistance around the governing technical pattern’s lower boundary at $56.17.
Axie Infinity might encounter further obstacles at 78.6% FIB retracement zone near $61.12. Then the prevailing chart formation’s middle boundary hurdle near $71.77, matching the 21-day Simple Moving Average and 61.8% FIB retracement area.
Higher aspirations may eye the descending parallel channel’s upper boundary at $79.26, corresponding with a 50% retracement area. Overcoming the bearish chart setup might be challenging. That is because the 50-day Simple Moving Average, 200-day Simple Moving Average, and 38.2% FIB retracement mark meet at $86.74.
The looming death cross in Axie Infinity shows AXS awaiting a 26% downside move. The narrative develops as the altcoin sees buyers escaping. Moreover, bulls might find it challenging to reverse the underperformance amid multiple obstacles. Nevertheless, Axie Infinity may depend on global markets sentiment for the upcoming price actions.
Stay tuned for the latest updates in the crypto markets.
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