As predicted within the earlier article, when the 20 EMA (crimson) jumped above the 50 EMA (cyan), Axie Infinity (AXS) retested the golden Fibonacci degree. Then, the value fell in direction of its rapid trendline help (white).
Now, the bulls would seemingly counter the current sell-off by aiming to reclaim the $59-$60 vary earlier than making a trend-commital transfer. At press time, AXS was buying and selling at $55.214, down by 4.46% within the final 24 hours.
AXS Every day Chart
![](https://files.ambcrypto.com/wp-content/uploads/2022/04/07192925/AXSUSD_2022-04-07_19-28-31.png)
Supply: TradingView, AXS/USD
After testing the 61.8% Fibonacci degree, AXS consolidated within the $63-$68 vary earlier than a streak of bearish engulfing candlesticks. It was down by practically 20% in simply the final three days.
Since shedding the vital 61.8% Fibonacci help, the bears have made some extent to make sure the durability of their resistance. On its manner down, AXS hovered round its Level of Management (POC) earlier than plunging in direction of its three-week trendline help.
Until the consumers again the present revival with strong volumes, the bulls would wrestle to sway above the 20/50 EMA. During which case, the alt would fall again to check the trendline help and proceed its gradual streak of upper troughs. A detailed above these EMAs would offer sufficient energy to consumers for consolidating close to its POC.
Rationale
![](https://files.ambcrypto.com/wp-content/uploads/2022/04/07193010/Capture-9-scaled.jpg)
Supply: TradingView, AXS/USD
After shedding the midline help, the RSI lastly discovered a ground at its trendline help. This restoration ignited a hidden bullish divergence on its each day charts. A continued rally may face resistance close to the equilibrium.
The CMF visibly depicted a one-sided bearish momentum. The current plunge pulled it in direction of its 11-week low whereas affirming a hidden bullish divergence with worth. So, a rise within the cash volumes from this degree appeared seemingly within the days to come back.
Conclusion
Contemplating the divergences of worth with its RSI and CMF, AXS may check the $60-mark earlier than a attainable pullback. If the bulls do handle to cross the near-term EMAs, they may push for a POC retest within the days to come back.
To prime it up, the altcoin shares an 83% 30-day correlation with Bitcoin. Thus, keeping track of Bitcoin’s motion could be important for making a worthwhile transfer.