![As Axie Infinity [AXS] prepares for recovery, why long bets may not be ideal](https://i.headtopics.com/images/2022/10/7/cryptoamb/as-axie-infinity-axs-prepares-for-recovery-why-lon-as-axie-infinity-axs-prepares-for-recovery-why-lon-1578453898251173905.webp)
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. AXS plateaued at $13 while forming a bearish pattern Supply out of exchanges witnessed an uptick over the last three days Over the last few days, Axie Infinity’s [AXS] rally plateaued at the $13-ceiling […]
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.Supply out of exchanges witnessed an uptick over the last three daysrally plateaued at the $13-ceiling as the seven-week trendline resistance rekindled selling pressure.
AXS saw a near 10% return on investment in just two days and tested the $13-resistance. The subsequent bearish engulfing candlestick affirmed a re-entrance of the bears. With the $13-mark and the trendline resistance creating a stiff barrier, the alt saw an expected pulldown. Any close below the $12.63-level can pull AXS towards the basis line of BB. A close below this level can extend the downside towards the $12.1-$12.3 range.
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