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๐Ÿ“ˆ Daily TA: Axie Infinity (AXS/USD) | 13-01-2022

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cryptospa
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Hodl, dear members of Leofinance!

Today, I would like on the price chart of Axie Infinity - a blockchain-based game that was a big hype in 2021.

So, in the monthly time frame (MN), AXS/USD formed a Long-Legged Doji in November, and, after that, a correction started: December confirmed the dominance of the bears by posting a solid bearish candlestick. As of now, the candlestick for January is bearish as well. It has a local high below the previous one and a local low below the previous one as well. This confirms the continuation of the bearish pressure. However, in September the price formed a Long-Legged Doji and after that in October a solid bullish candlestick. Right now, the price is at the level of September's Doji and the opening price of October. So, theoretically, AXS/USD may receive support.

The weekly chart (1W), also, shows that AXS/USD may find very soon support at the level of the previous local low where there is a small Doji: So, I won't be surprised if in the current correction we see a solid rebound very soon.

However, this doesn't mean that the bullish trend will resume. It is just a potential rebound within a correction. For the uptrend to resume, I would like to see the price above the 30-day Moving Average (MA 30) and the 90-day Moving Average (MA 90): But for now, the price is below these two MAs. That's why in my view the bearish pressure continues and trying to catch a falling knife is a very risky trading strategy.

For the bullish sentiment to return, first, AXS/USD has to break the downtrend (Descending channel) in the 4-hour chart: But, for now, the downtrend continues.

To be continued ...

As of the time of writing, one AXS costs $73,74 on the Binance exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 and a half years and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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