Chiliz (CHZ) is close to breaking out from a long-term descending parallel channel. It could be in a long-term wave five of a bullish impulse.

The Sandbox (SAND) is trading between support and resistance at .575 and .78, respectively.

Axie Infinity (AXS) reached a new all-time high on Aug. 21 but is trading inside a bearish pattern.

CHZ

CHZ has been trading inside a descending parallel channel since reaching an all-time high price of .945 on March 12. Such channels often contain corrective structures.

At the time of writing, the token was trading right at the resistance line of this channel, potentially making its third breakout attempt. 

Despite the possibility of weakness in the form of bearish divergence, technical indicators are still bullish. The MACD is positive and the RSI is moving above 70 once more.

If a breakout occurs, the closest resistance area would be at .58. 

CHZ descending parallel channel
Chart By TradingView

A potential wave count beginning in March 2020 states that CHZ is in wave five of a bullish impulse. The movement inside the channel was part of wave four. 

The two most likely targets for the top of the movement are at .12 and between .37-.42. The former is the length of waves 1-3 projected to the bottom of wave four. The latter is the 1.61 external Fib retracement of wave four and 1.27 of the length of waves 1-3 (orange).

CHZ count
Chart By TradingView

Highlights

  • CHZ is trading inside a descending parallel channel.
  • There is resistance at .58.

SAND

On July 3, SAND broke out from a descending resistance line that had been in place since the March 28 all-time high. It proceeded to continue increasing until July 24, when it reached a high of .845. 

However, the token created a long upper wick, validating the .78 area as resistance (red icon).

While it has been decreasing since, it bounced on Aug. 18, validating the .575 horizontal area as support (green icon).

Technical indicators in the daily time-frame are turning bullish. The RSI has moved back above 50, the Stochastic oscillator is close to making a bullish cross. Furthermore, the MACD has given a bullish reversal signal and is positive.

SAND breakout
Chart By TradingView

The shorter-term six-hour chart agrees with this assessment, since it shows a breakout from a descending wedge and its subsequent validation as support. 

Similarly to the daily time-frame, both the MACD and RSI are bullish. Therefore, the most likely scenario would be an eventual breakout above the .78 resistance area and eventually a new all-time high.

SAND Wedge
Chart By TradingView

Highlights

  • SAND has broken out from a descending wedge.
  • There is support and resistance at .575 and .78.

AXS

AXS has been increasing rapidly since the beginning of July. Since July 21, the rally has become parabolic. On Aug. 11, the token managed to reach a then all-time high price of .48. However, it created a long upper wick. While it has reached two higher highs since then, both have had long upper wicks in place (red icons). 

This is considered a sign of weakness, since there is considerably sell pressure above the current price. 

Furthermore, there are bearish divergences in both the MACD and RSI. The latter has been overbought for nearly two months. 

Therefore, it is possible that the current movement is reaching its top.

AXS wicks
Chart By TradingView

The shorter-term six-hour chart agrees with this assessment, since it shows that AXS is trading inside an ascending wedge. The ascending wedge is considered a bearish pattern.

In addition to this, both the MACD and RSI have generated bearish divergences.

If a breakdown occurs, the first minor support area would be at .

AXS short-term
Chart By TradingView

Highlights

  • AXS reached a new all-time high on Aug. 21.
  • It is trading inside an ascending wedge.

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The post NFT Tokens Realize Significant Gains – CHZ, SAND & AXS Analysis appeared first on BeInCrypto.

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