As Axie Infinity [AXS] prepares for recovery, why long bets may not be ideal

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Over the last few days, Axie Infinity’s [AXS] rally plateaued at the $13-ceiling as the seven-week trendline resistance rekindled selling pressure.

Meanwhile, AXS swayed above its 20 EMA (red) and the 50 EMA (cyan) to depict a near-term buying edge. While the buyers attempted to halt the recent bearish reversal at the $12.63 support, AXS stood at a critical spot.

Here’s AMBCrypto’s Price Prediction for Axie Infinity [AXS] for 2023-24

The recent revival towards its three-week resistance may cause near-term setbacks in the coming sessions. At press time, AXS was trading at $12.7, down by 1.73% in the last 24 hours.

Source: TradingView, AXS/USDT

The alt’s reversal from the $12-support on 3 October set the foundation for a robust buying rally above the near-term EMAs. In the meantime, AXS flipped its 11-week trendline resistance to support (white, dashed).

AXS saw a near 10% return on investment (ROI) in just two days and tested the $13-resistance. The subsequent bearish engulfing candlestick affirmed a re-entrance of the bears. With the $13-mark and the trendline resistance creating a stiff barrier, the alt saw an expected pulldown.

The 50 EMA exhibited its inclination to reject any lower prices. A plausible bounce-back from this level could aid the buyers in retesting the $13-zone in the coming sessions. An eventual break above this ceiling would affirm a bearish invalidation. In these circumstances, the 200-EMA could play out as the first major resistance.

Any close below the $12.63-level can pull AXS towards the basis line of BB. A close below this level can extend the downside towards the