AXS Technical Analysis: Can Sellers Break The $50 Support?

AXS coin price fails to surpass the resistance trendline and retraces to the $50 support. Will the increased selling pressure bring heavier discounts? Key technical points: The AXS price resonates lower in the descending triangle. The Stochastic RSI displays a bearish crossover. The 24-hour trading volume in the Axie Infinity token is $303 Million, indicating a 2.45% gain. Past Performance of AXS AXS coin price showed a consolidation breakout formed near the $50 support zone resulting in a rally to the long-coming resistance trendline. However, the price failed to withstand the high selling pressure resulting in downfall to the $50 support zone. The price action prints a triple black crow formation hinting at a decline below the emotional barrier. Source-Tradingview AXS Technical Analysis The AXS/USDT chart shows the price coming back to the $50 support zone for the third time since the start of 2022. The bearish anticipation of downfall below $50 will find support at the $38 mark. The flattish 100 and 200-day EMA shows a bearish crossover, with the 50-day EMA providing a constant dynamic barrier. Hence, the EMAs are expected to be moving along with high-selling pressure areas. The Stochastic RSI indicator shows the K and D line nosedive below 70% following a bearish crossover. Hence, the falling lines indicate the end of the bull cycle. The RSI indicator slope show rejection from the central line and retraces to the 14-day av...