The negative momentum since the starting of the year accounted for -350% retracement in the price level. AXS faced two significant downfalls during this time interval. The first critical downfall resulted in the formation of a falling wedge pattern, whereas the second critical downfall resulted in a falling channel pattern.
On the Fibonacci retracement table, the price level currently has the support of the lowest level of the table, reflecting upon the bearish sentiment present for the coin. To regain its lost momentum, AXS atleast needs to have a positive crossover above the 0.236 FIB level, which is around $46.76. Any retracement below 0 FIB level can result in a more bearish phase for the play-to-earn giant.
The MACD level had hardly spent time above the histogram during this year. Since May, the formation of red and green bars has been minimal, reflecting upon investors' vanishing interest in the volume received by AXS.
The sentiment analysis suggests that the interest received by Axie Infinity is decaying since the start of the year and continues. Fundamentally, the impact on price is witnessed due to the unsustainable playing economy. Moreover, the team might need to roll out some new updates or revisit their gaming economy to make their token regain its positive momentum for the long-term.
Overall, resistance can be placed at $20 and $30, respectively. Whereas if more downfall is witnessed, support levels can be placed at $15 and $10, respectively.
On the Fibonacci retracement table, the price level currently has the support of the lowest level of the table, reflecting upon the bearish sentiment present for the coin. To regain its lost momentum, AXS atleast needs to have a positive crossover above the 0.236 FIB level, which is around $46.76. Any retracement below 0 FIB level can result in a more bearish phase for the play-to-earn giant.
The MACD level had hardly spent time above the histogram during this year. Since May, the formation of red and green bars has been minimal, reflecting upon investors' vanishing interest in the volume received by AXS.
The sentiment analysis suggests that the interest received by Axie Infinity is decaying since the start of the year and continues. Fundamentally, the impact on price is witnessed due to the unsustainable playing economy. Moreover, the team might need to roll out some new updates or revisit their gaming economy to make their token regain its positive momentum for the long-term.
Overall, resistance can be placed at $20 and $30, respectively. Whereas if more downfall is witnessed, support levels can be placed at $15 and $10, respectively.