Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The trend and market structure remained bearish.
- Short-sellers can wait for a test of critical Fibonacci retracement levels.
Axie Infinity [AXS] posted a development update for June highlighting some of their recent wins. One of these was bringing Axie to Apple by making Origins available on iOS in select countries in LATAM and Asia. Despite the flurry of activity, the sentiment behind the AXS token remained negative.
Read Axie Infinity’s [AXS] Price Prediction 2023-24
This was due to the price trend in recent months. The altcoin market suffered in early June but AXS has trended downward since March. This higher timeframe trend was not yet broken.
The Fibonacci retracement levels show where the downtrend could resume
The market structure and trend of Axie Infinity were bearish on the 1-day chart. The RSI has been below neutral 50 since mid-February, with a brief foray to 60 in the second week of April. That attempt to shift the structure bullish was firmly quashed.
At the time of writing, the OBV was in a downtrend following its massive losses earlier in June. Previously it had trended higher, showing a phase of accumulation. Combined with the structure and momentum, it appeared likely that AXS would see another move downward.
The Fibonacci levels were plotted based on the most recent leg southward and showed t
Go to Source to See Full Article
Author: Akashnath S
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
