AXS Technical Analysis: Below $40 AXS Fails to Find Support

AXS coin price shows a remarkable fall in 2022 as the correction rally breaks under the $40 mark with a bearish engulfing candlestick of 10%. Key technical points: AXS market prices were cut in half last month. The coin price breaks under $40. The 24-hour trading volume of Axie Infinity is $357 Million, reflecting a rise of 20%. Past Performance of AXS AXS prices fail to surpass the 200-day EMA after a bullish reversal from the $45 support zone resulting in a reversal to the demand zone. However, the buyers could not withstand the selling pressure, and after a long consolidation range market price fell below $40. In short, the last month has been highly bearish, resulting in a 50% fall. Source-Tradingview AXS Technical Analysis The AXS price action cracks under all the critical EMAs and continues the downtrend with bearish engulfing candles. Hence, a With the bearish continuation in the falling daily EMAs, the possibility of the price of a bullish reversal diminishes. Hence, the EMAs play the dynamic resistance role. MACD indicator: The MACD and signal lines continue the downtrend after avoiding a bullish crossover. Moreover, the bearish histograms regain momentum, indicating growth in selling pressure. RSI Indicator: The RSI slope shows a bearish continuation below the halfway line reflecting growth in underlying bearishness. Moreover, the downtrend in the 14-day SMA remains in the nearly oversold zone, reflecting lower chanc...