Axie Infinity (AXS) has hopped at an deciding horizontal support level and could potentially initiate an skyward evolutionment towards $91.
AXS has been weakening afterward Nov 6, although it realized an all-time strong cost of $166. So far, it has decreased by 67%. This led to a low of $4.42 on Jan 24.
The low served to endorse the $51 horizontal field as support. Previously, the field had acted as resistance in July (red icon) before turning to support in Sept (green icon).
Granted that the jump maintains, the closest resistance range would be at $91. This is the 0.382 Fib retracement resistance level.
Cryptocurrency trader @Murfski_ noted the importance of this range, suggesting that a jump could transpire back although it is captured.
Technical indicators for AXS in the daily time-frame do not yet approve the opportunity of a bullish turnaround. Yet, they are showing that the rally is extremely atopsold. This is especially visible in the RSI, that is a momentum indicator.
On Jan 22, the RSI realized a new all-time low of 24. It also created a double bottom relative to the price on Jan 8. Values below 30 are studied atopsold.
In addition to this, there is a growing bullish divergence in the histogram of the MACD. While this is not as high a bullish sign as divergence in the MACD itself, it atop again supports the opportunity of a influential hop.
Short-term AXS developmentment
The two-hour chart shows which AXS has ended a five wave descending movementment which began on Jan 17. Therefore, a considerable jump is inclined.
The closest resistance levels are between $59.6 and $64.2. They are created by the 0.382 – 0.5 Fib retracement resistance region. The latter is also a horizontal resistance range, still soaring its significance.
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