AXSUSDT Cracks Key Support as Bearish Patterns Confirm Selling Pressure

Summary
• Price declined 8.4% on rising volume and bearish reversal patterns near key resistance.
• RSI and MACD signal weakening momentum, with RSI approaching oversold territory.
• Volatility expanded as price fell below 20-period MA and tested a 1.07 support zone.
• Bollinger Bands widened, suggesting increasing market uncertainty and potential for follow-through selling.
• Fibonacci retracement levels suggest potential support at 1.06–1.07 could hold before a test of 1.05.

Market Overview
Axie Infinity/Tether (AXSUSDT) opened at 1.155 on 2026-04-01 12:00 ET and closed at 1.070 as of 2026-04-02 12:00 ET, with a high of 1.157 and a low of 1.058. Total volume was 1,116,953.64, and notional turnover reached $1,200,524.71 over the 24-hour period.

Structure & Formations

Price broke below the 1.132–1.135 support zone and formed a large bearish engulfing pattern after an earlier bullish reversal failed. A 5-minute doji appeared near 1.070, suggesting potential short-term indecision. Resistance levels remain at 1.135 and 1.155, while 1.06–1.07 appears as immediate support.

Moving Averages

On the 5-minute chart, price has closed below the 20-period and 50-period moving averages, reinforcing short-term bearish bias. Daily moving averages (50, 100, 200) are not available for the given timeframe, but the trend has clearly shifted downward in recent sessions.

MACD & RSI

MACD showed bearish divergence with price during the sell-off, and RSI dipped toward the 30 level, indicating potential oversold conditions. However, without a strong rebound, a continuation of bearish momentum is likely.

Bollinger Bands

Volatility expanded significantly as price moved below the lower band, suggesting increased selling pressure. The width of the bands has widened over the past 12 hours, reflecting heightened uncertainty and risk of further pullbacks or a bounce.

Volume & Turnover

Volume surged during the decline, particularly in the 01:30–03:30 ET timeframe, confirming bearish sentiment. Turnover also spiked, aligning with price action. No significant divergence was observed between volume and price during the key breakdown.

Fibonacci Retracements

Recent 5-minute swings suggest a 61.8% retracement near 1.07–1.08 may hold as critical support, with a potential rebound expected if bulls can reclaim this level. Daily-level Fibonacci levels remain unconfirmed due to missing data but could support a retest of 1.05 if the current downtrend continues.

Price may find temporary support at 1.06–1.07 in the next 24 hours, but bearish continuation is probable unless a strong reversal forms. Investors should be cautious of short-term volatility and avoid overexposure during a key support test.