Hello All. Looking at AXSUSD on the daily timeframe, we see that the price of axie infinity is trading inside a descending wedge/falling channel. This is a bearish pattern and is currently testing the resistance of the channel at $46.
It is important for AXSUSD to find support at this level or it can fall to the next support level which is at $37.
On the daily chart we are also forming a death cross, (50 Ema crossing below 200 Ema) which can push AXSUSD price as low as $20-$14. This is a 70% price drop.
Top of the channel line sits around $70, and if the price reaches this level, this will be a 50% profit from the current price.
This is possible with enough value coming in and since the stochastic rsi is in the oversold territory.
Although, it is less likely that AXSUSD will have a crash to $20-$14, everything is possible if BTCUSD and ETHUSD continue to drop further. (Check out my recent BTCUSD and ETHUSD chart for more information and levels of resistances to keep an eye for).
Thanks for reading, and stay tuned. Enjoy.
It is important for AXSUSD to find support at this level or it can fall to the next support level which is at $37.
On the daily chart we are also forming a death cross, (50 Ema crossing below 200 Ema) which can push AXSUSD price as low as $20-$14. This is a 70% price drop.
Top of the channel line sits around $70, and if the price reaches this level, this will be a 50% profit from the current price.
This is possible with enough value coming in and since the stochastic rsi is in the oversold territory.
Although, it is less likely that AXSUSD will have a crash to $20-$14, everything is possible if BTCUSD and ETHUSD continue to drop further. (Check out my recent BTCUSD and ETHUSD chart for more information and levels of resistances to keep an eye for).
Thanks for reading, and stay tuned. Enjoy.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.