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Axie Infinity

Axie Infinity Coin (AXS) and Fantom Crypto (FTM) Make A Major Bearish Break

Posted Tuesday, September 21, 2021 by
Skerdian Meta • 2 min read

The crypto market is in another bearish period which started two weeks ago. Some cryptocurrencies such as Algorand, Solana, Fantom, etc were quite bullish in September, making massive gains and they continued the surge after the flash crash in cryptos, but eventually, the bearish sentiment in the crypto market caught up with them and they have turned bearish now too.

Axie Infinity Price Prediction – AXS/USD Breaking Below the 50 Daily SMA for the First Time Since June

Axie Infinity coin AXS turned massively bullish in July, when the rest of the market was in the previous bearish period, before the one we are in right now. There were four bullish waves until early September and during that time the 20 SMA was acting as the ultimate support, as AXS/USD kept bouncing off that moving average.

The support zone around $50 held  for AXS/USD

Although, during the flash crash two weeks ago, the 20 SMA was broken on the daily chart. But, the 50 daily SMA took over as support for about two weeks and it kept pushing lows higher. The 20 SMA turned into resistance at the top, so Axie Infinity was bouncing in between during this time. The range was getting narrower and yesterday a breakout happened to the downside. Although, the decline stopped just above the big round level at $50, which acted as resistance when the price was bullish.

Now, it seems like this area has turned into support and there is a strong chance that we might see a bounce off this level now. We are long on AXS/BTC, so we’re not taking this trade, but for those who want to get in this is a good opportunity to buy Axie Infinity, since this is the 50% Fibo retracement level.

Fantom Price Prediction – FTM/USD Breaking Below the 20 Daily SMA for the First Time Since July

The 20 daily SMA has now been broken in FTM/USD

Fantom also turned really bullish but in September, when the other cryptos were either stagnating or turning bearish. This crypto coin even brushed off the flash crash two weeks ago, closing the day unchanged, while continuing the bullish momentum in the next two days, which was another bullish signal.

Eventually, Fantom turned bearish as well and reversed down from below $2. The high on my broker’s platform comes at $1.94. The 20 SMA (gray) turned into support again, after doing so about a month ago, in late August, holding the decline twice. I gave a buy signal against Bitcoin here, and the price started bouncing off that moving average. But, the next decline came yesterday and the price broke below that moving average for the first time since late July.

Fantom Crypto Daily Chart

The 100 SMA has been broken in FTM/USD

On the H4 timeframe chart, we see that the 20 SMA (gray) was doing a great job in providing support and pushing Fantom higher since early July, while the 100 SMA (green) also held. Those moving averages kept supporting the price but yesterday FTM/USD broke below the 100 SMA as well. So, sellers are in charge now, pushing it down to $1.95. The next support comes at 0.94 for this crypto, which used to be the high from back in May.

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