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๐Ÿ“ˆ Daily TA: Axie Infinity (AXS/USD) | 17-12-2021

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@cryptospa
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Hodl, dear members of LeoFinance!

Today, I would like to talk about the price chart of Axie Infinity.

Let me start from the monthly time frame (MN). AXS/USD formed a Long-Legged Doji in November:
According to the Technical Analysis theory, it is a potential trend reversal candlestick. Moreover, at the moment, for the current month of December, there is a solid bearish candlestick. That's why the bulls should be very cautious. However, I would like to outline that the candlestick for December may change. There are almost two more weeks. Nevertheless, at the moment, the bearish pressure is obvious, according to the recent monthly candlesticks.

Next, if we look at the daily time frame (1D), we can see that AXS/USD is at a critical moment - the price is starting to test the trend line under the pressure of the bears: Actually, it seems that there is an Ascending Broadening Wedge - a bullish pattern. But, once again, the price testing the trend line. So, this is a critical moment for the continuation of the uptrend.

If we look at the daily chart (1D), from another perspective, we can see that AXS/USD is at a crossroads as well. The price has dropped below the 30-day Moving Average (MA 30) and the 90-day Moving Average (MA 90): Moreover, a Bearish Moving Average Crossover may take place if MA 30 drops below MA 90. This is a solid bullish signal. That's why the bulls should be very cautious.

Because it is obvious that for AXS/USD this is a critical moment I think that it is worth keeping a close eye on the 1-hour chart (1H) as well: As can be seen from the chart, there is a Descending channel (downtrend). So, in order for the uptrend to resume, first, AXS/USD have to exit this channel in the upward direction. Unfortunately, for now, the price continues to slide down ...

To be continued ...

As of the time of writing, one AXS costs $95,45 on the FTX crypto 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+ 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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