The AXS coin price faces the threat of bearish invasion as the selling pressure grows with the rejection near the 50-day EMA. Will the downfall reach $50? AXS is the Ethereum token, which is the basis for Axie Infinity, a blockchain-based game that lets players fight with each other, collect coins, and build the digital world of their pets. The token holders can earn rewards for depositing their tokens while playing the game as well as participating in key decisions regarding governance. Let us move ahead to read about Axie Infinity technical analysis. Past Performance of AXS AXS token price shows a downfall of almost 20% in the past four days from the 50-day EMA resulting in the falling channel retest. Moreover, the recent fall of 6.72% in the past 24 hours reflects the rise in the trend momentum. However, the confluence of a horizontal level at $60 and the falling channel indicates a possible post-retest reversal. AXS/USD Daily Chart AXS Technical Analysis The AXS coin price shows lower price rejection near the upmost trendline of the falling channel and the $60 mark. Therefore, despite the rising trend momentum in the downfall, traders can shortly find a buying opportunity. The MACD indicator shows a failure of the fast line to surpass the zero line resulting in a sideways movement. Hence, the chances of a bearish crossover are increasing as the gap within the fast and slow line decreases. The Bull and Bear Power indicator ...
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