AXS price 'gravestone' doji hints at a bearish reversal ahead.
) has rallied 135% month-to-date to reach approximately $14 on Jan. 23, its highest level in two months. Nonetheless, the AXS/USD pair could suffer major losses in the coming weeks owing to a flurry of negative technical and fundamental indicators." candlestick on Jan. 23, which technical analysts view as a bearish reversal pattern.
A gravestone doji appears when an asset's opening, closing, and the lowest price comes to be nearly identical except for the highest price, as shown in the chart below. The long upper wick shows that the bears pared all of the gains printed by the candle during the given session.AXS seems to have been forming a similar candlestick pattern as of Jan. 23, with bears rejecting its advance above the $14 price level, triggering a 10%-plus intraday price drop.
These three factors have raised AXS's possibility of undergoing a price correction in the coming weeks. The nearest downside target for AXS comes to be near its 50-day EMA at around $8, or a 40% drop by March.From a fundamental perspective, the Axie Infinity price could fall in the coming weeks due to its latest supply unlock.
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