Axie Infinity (AXSUSDT) Market Overview

• Price action shows a bearish trend with a sharp drop to 2.336 before rebounding.
• RSI and MACD confirm bearish momentum, with potential for oversold conditions around 2.35.
• Volatility expanded during a mid-day breakdown but has since stabilized near 2.38.
• Bollinger Bands show price within lower band, suggesting possible mean reversion.
• Key support identified at 2.35–2.37, with resistance forming around 2.42–2.44.

Axie Infinity (AXSUSDT) opened at 2.442 on August 11 at 12:00 ET, reached a high of 2.491, a low of 2.336, and closed at 2.381 as of 12:00 ET on August 12. Total volume was 748,700.16, and total turnover amounted to $1,797,145.29 over the 24-hour period.

Structure & Formations

The 15-minute chart reveals a strong bearish trend, characterized by a sharp decline from 2.491 to 2.336. A notable bearish engulfing pattern formed during the mid-day session, with a low of 2.336 followed by a modest rebound. A bullish engulfing pattern appears near 2.381, indicating potential short-term reversal. Key support levels are forming around 2.35–2.37, while 2.42–2.44 could act as near-term resistance.

Moving Averages

On the 15-minute chart, the price spent much of the day below the 20-period and 50-period moving averages, reinforcing the bearish bias. On a daily basis, the 50- and 200-period moving averages are likely aligned to the downside, suggesting further downward pressure if the current trend continues.

MACD & RSI

The MACD histogram turned negative and has remained bearish throughout the 24-hour window, confirming the downward move. RSI dipped below 30 during the low at 2.336, reaching oversold territory, and has since rebounded to around 40, suggesting the potential for a short-term bounce. However, RSI remains within bearish territory, and a close above 50 is unlikely without a reversal in sentiment.

Bollinger Bands

Volatility expanded during the sharp decline, with the bands widening and the price reaching the lower boundary. Since the bounce, the price has moved back toward the middle band, indicating a potential consolidation phase. If the price remains within the bands, the move could be part of a larger consolidation ahead of a breakout.

Volume & Turnover

Volume spiked significantly during the mid-day breakdown, particularly with the candle that closed at 2.383. Turnover was also elevated during this phase, indicating strong conviction in the bearish move. The volume has since declined, but notional turnover remains steady, suggesting some follow-through selling.

Fibonacci Retracements

Applying Fibonacci retracement to the 2.336 to 2.491 move, the 50% level sits at 2.413, where the price briefly traded during the late afternoon. A potential 61.8% retracement level lies at 2.443, which could test near-term buyers. On a daily basis, retracement levels from the recent swing high suggest 2.37 and 2.42 are key near-term thresholds.

AXSUSDT may continue to test support at 2.35–2.37 in the next 24 hours, with potential for a short-term bounce if RSI closes above 45. However, risks remain to the downside should key support levels fail. Investors should monitor volume and RSI closely for signs of exhaustion or reversal.