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AXS Bounces After Descent From All-Time High

Axie Infinity (AXS) has been shifting downwards since reaching an all-time excessive value of $29.2 on July 15.

The token bounced on July 20 and is presently within the means of shifting in direction of the $23.30 resistance space.

All-time excessive and drop

AXS has been rising at a speedy tempo since June 22. In a span of 23 days, the token elevated by 921%. The upward motion culminated with an all-time excessive value of $29.20 on July 15. 

Nonetheless, AXS has been shifting downwards since. On the identical day it reached the all-time excessive, a shooting star, which is called a bearish reversal candlestick, usually discovered on the high of a motion. 

The downward motion continued till July 20, when a low of $14.1 was reached. The low was made simply above the 0.618 Fib retracement help degree at $13. 

AXS is within the course of of making a bullish engulfing candlestick. 

Nonetheless, technical indicators are displaying indicators of weak spot. Whereas the MACD is optimistic, it has been shifting downwards for 5 straight days. The RSI has crossed beneath 70 and the Stochastic oscillator could be very shut to creating a bearish cross.

AXS High
Chart By TradingView

Brief-term motion

The shorter-term two-hour chart reveals that AXS has damaged out from a descending resistance line that had been in place for the reason that July 15 all-time excessive.

The breakout is supported by each the MACD & RSI. The previous is shifting upwards, almost crossing above 0, whereas the latter has already moved above the 50 line. 

If the upward motion continues, the 2 closest resistances are at $20.7 and $23.5. The latter is the 0.618 Fib retracement resistance degree.

AXS breakout
Chart By TradingView

AXS wave depend

Cryptocurrency dealer @CryptoTony_ outlined an AXS chart, stating that the token is presently in wave 4 of a bullish impulse.

AXS Wave count
Source: Twitter

It does appear that AXS started a bullish impulse on Could 24. If that’s the case, it’s now in wave 4 (orange) of a bullish impulse. 

The sub-wave depend is given in black. We will see that wave three has prolonged, and AXS is presently within the B portion of an A-B-C corrective construction (black). 

Subsequently, AXS could be anticipated to extend in direction of the 0.618 Fib retracement resistance space at $23.3 earlier than falling as soon as extra, finishing the corrective construction of wave 4.

AXS count
Chart By TradingView

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