@BOMBERuss 26 August 2022 more from that month

Axie Infinity (#AXS) failed to form a bullish structure after rebounding from June lows. As a result, the market may soon make a bearish breakout. The coin of the #Axie Infinity project (AXS) began to grow on June 18 and two days later made a bullish breakdown of the downward resistance line, which has been present on the chart since the end of March. However, the market has not been able to develop a convincing growth after that. The price bounced twice from the $18.75 resistance area (red icons). These failures of the bulls indicate a tangible weakness and the inability of AXS to consolidate the breakthrough. On the daily chart, the coin has been trading inside an ascending parallel channel since the formation of the aforementioned June lows. Such channels are traditionally associated with #correction patterns, and this means that the most likely scenario may eventually be a bearish breakout from this channel. In addition, the daily #RSI broke below the 50 mark (red icon), which also supports the version about the upcoming bearish breakout of the AXS rate. Thus, both the price and the technical indicators of the daily timeframe give reason to expect a bearish breakdown of the channel. This could send the price to new annual lows. The pattern built from the historical maximum demonstrates that the #market is in the fifth and final wave of bearish momentum. However, the presence of the aforementioned channel suggests that now we can still deal with wave 4. Thus, a bearish AXS breakout from this channel will confirm that the coin is now implementing the fifth, last wave. The first potential target and probable bottom of such a move is $9.60. This is the Fibo 1.27 level of the external correction of the last rebound. #CryptoCurrency