![Buyer confidence wanes as Axie Infinity [AXS] drops below $13](https://i.headtopics.com/images/2022/10/3/cryptoamb/buyer-confidence-wanes-as-axie-infinity-axs-drops--buyer-confidence-wanes-as-axie-infinity-axs-drops--1576702364341473280.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Daily timeframe bearish structure 38.2% Fibonacci retracement has confluence with significant horizontal Axie Infinity [AXS] was rejected at the $13.1-resistance level for the third time since mid-September. The number has indeed been unlucky for […]
unable to scale the $20.5k-$20.8k resistance zone as well, it appeared that the next week or two could see selling pressure intensify.
If Bitcoin can swiftly climb past the $20.8k-resistance, it could shift the sentiment to strongly bullish for many altcoins. For AXS, the $12.5 and $13-levels have been strong supports in the past. Further south, $10.6 and $9.2 are also long-term supports. $11.6, $10.7, and $9.2 can be used to take a profit. Invalidation of this bearish notion would be a session above $13.6.The social volume weighted sentiment was negative for AXS. It has been so from the beginning of July, with brief positive spikes. On the price chart as well, the sentiment was bearish as the downtrend persisted. The surge in July and early August was fully retraced and at press time, the price was near its August lows.
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