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Axie Price Analysis: Axie Infinity is dominated by the bears, VWAP signals weakness

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  • Axie Infinty Token is in a bearish dominated momentum and technicals indicate bearishnes for the token
  • The token broke down from the head and shoulders pattern on the daily chart
  • Sell volumes are on the rise
Chart of Axie Infinity/USD by Trading View

Axie Infinity Token has entered a zone it was trading in between August and September after failing to test the support at $ 90.00, The coin had a spurt in price during October and the coin consolidated at $ 120+ levels between October and early December. The coin formed a head and shoulders pattern (head and shoulders is generally a bearish pattern) before breaking the support at $ 110.00. The coin then was trading in a range between the levels of $ 100 and $ 90. The coin broke the $ 90 support level two days back and is now in the zone where it was trading at during August-September. The coin looks bearish at the moment, the coin can be put on the watchlist and traders can execute trades based on supports, resistances, and volumes. 

Chart of Axie Infinity/USD by Trading View

Axie Infinity Token has been showing a range-bound behavior over the last month. The coin has been receiving heavy sell volumes going by the volumes chart over the last two to three days. The coin was trading in various zones and has been breaking supports after trading in the zones for brief periods. The coin is now trading between $ 70 and $ 75 on the hourly chart. The Volume Weighted Average Price (VWAP) is hinting at bearishness with the coin trading at the lower standard deviation band of the indicator. The coin has been trading below the mean level of the VWAP indicator which is a clear indication of bearishness.

Conclusion: The coin is bearish at the moment and looks to continue in that fashion over the next few trading sessions going by the technicals. Sell volumes on the coin have been on the rise. Traders can keep the coin on their watchlist and look out for crucial supports.

Support: $ 70

Resistance: $ 90

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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