For now, Bitcoin encounters a massive reason the region between $20.8K and $21.8K. Meanwhile, BTC witnessed a slight rebound from the mark within the last two weeks and tested $23K as its resistance.
However, bearish tendencies sent the alt beneath the mentioned range again. That confirmed attempts by most alts to bounce and overcome market structure but failed. AXS was among the altcoins.
Axie Infinity 1 Day Timeframe
Axie Infinity secured support around the $18 mark between mid-May and early June. Nevertheless, a selling momentum wave carried the alt below the mark, plummeting towards the $11.9 lows.
Meanwhile, a short timeframe rally has Axie Infinity retesting the resistance at $18 within the last few days. The altcoin encountered rejections, translating to a bearish regime once more.
Nevertheless, the lower chart showed a range developing from $12.3 to $18.4. Moreover, there was a confluence between the support and range lows, as $11.4 represented a long-term horizontal barrier. A risky move would be buying the range lows as a barrier with a stop-loss below $11.4.
Reasoning
The RSI (Relative Strength Index) remained under the 50-neutral since April, while the Awesome Oscillator stayed beneath the zero mark. That confirmed a massive bearish bias. Moreover, the RSI retested the 50-neutral as its resistance within the previous few days before moving lower.
That had the trend continuing in bearish favor. Moreover, the altcoin seemed primed for another southbound move. AXS might test $11.4, then $6.3 as supported in the upcoming weeks.
Also, the A/D maintained downtrends, highlighting amplified selling momentum within the last few months. Demand remained high, and reversals from the long-term downside trend seemed unlikely.
Final Thought
Axie Infinity needs to break beyond $19 and retest $18 as support to overcome the current market structure and ensure long-term bullishness.
Moreover, increased buying volume is essential, and an A/D uptick would support the upside. Such turnaround appeared doubtful during this publication due to prevailing broad market sentiments.
Bears have confirmed their presence with any attempts by prices to surge, erasing minor gains in most assets. Bulls should step up with massive volumes to annul the current narrative. However, it might take time before the market presents steady upsides.
Editorial credit: David Esser / shutterstock.com