{"id":12429,"date":"2022-07-24T23:38:11","date_gmt":"2022-07-24T23:38:11","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/axie-infinity-is-painting-a-giant-bearish-pattern-will-axs-price-crash-another-95\/"},"modified":"2022-07-24T23:38:13","modified_gmt":"2022-07-24T23:38:13","slug":"axie-infinity-is-painting-a-giant-bearish-pattern-will-axs-price-crash-another-95","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/axie-infinity-is-painting-a-giant-bearish-pattern-will-axs-price-crash-another-95\/","title":{"rendered":"Axie Infinity is painting a giant bearish pattern \u2014 will AXS price crash another 95%?"},"content":{"rendered":"
Axie Infinity (AXS) has been forming a giant bearish reversal pattern since July last year, which could send its prices down by another 95% in 2022.<\/p>\n
Dubbed the “inverted cup and handle,” the pattern is identified by its large crescent shape followed by a modest upward retracement. It typically resolves after the price breaks out of the rising channel, followed by another break below the cup-and-handle’s neckline support.<\/p>\n
Meanwhile, as a rule of technical analysis, an inverted cup and handle breakout leads the price to the level at length equal to the maximum distance between the structure’s top and support.<\/p>\n
AXS’s price rally during the second half of 2021, followed by its complete wipeout in 2022, makes a crescent shape trend, which looks like an inverted cup. Furthermore, the recent 50% price rebound from the June 18’s local bottom of $11.82 forms an inverted handle, as shown below.<\/p>\n