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Axie Infinity Price Analysis: AXS spikes to a new all-time high at $120, slow reversal to follow?

Axie Infinity Price analysis

TL;DR Breakdown

  • Axie Infinity price analysis is bearish today.
  • AXS/USD saw a new all-time high set overnight.
  • Closest support at $94.5.

Axie Infinity price analysis is bearish dor today as a strong push higher was seen yesterday, resulting in a new all-time high set at $120 overnight. Therefore, we expect AXS/USD to reverse over the next 24 hours and retrace some of the gains, with the closest support being the $94.5 previous swing high.

Axie Infinity Price Analysis: AXS spikes to a new all-time high at $120, slow reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.72 and 2.13 percent. Meanwhile, Axie Infinity (AXS) is the top performer, with a gain of almost 40 percent.

Axie Infinity price movement in the last 24 hours: Axie Infinity sets new all-time high at $120

AXS/USD traded in a range of $79.42 – $119.92, indicating extreme volatility over the last 24 hours. Trading volume has spiked by 576 percent and totals $4.52 billion, while the total market cap trades around $6.86 billion, ranking the coin in 27th place overall.

AXS/USD 4-hour chart: AXS set to reverse as any further upside rejected? 

On the 4-hour chart, we can see Axie Infinity price action rejecting further upside, indicating a retracement will follow over the next 24 hours.

Axie Infinity Price Analysis: AXS spikes to a new all-time high at $120, reversal to follow?
AXS/USD 4-hour chart. Source: TradingView

Axie Infinity price action has traded in a slightly bearish price action structure over the past weeks. After a quick spike higher on the 4th of September, a new swing high was set at $94.5.

From there, a strong decline followed on the 7th of September, with support found around $60. Over the following weeks, AXS/USD consolidated above $64 support, with another spike lower on the 20th of September.

This time support was found at $50, with a reaction higher following over the next days. From there, Axie Infinity price started to build bullish momentum earlier this week, with several local higher highs and lows set.

Finally, a strong push higher was seen yesterday, resulting in a strong advance to the $120 mark, where a new all-time high was set.

Axie Infinity Price Analysis: Conclusion 

Axie Infinity price analysis is bearish today as bulls are exhausted after rapid advance over the last 24 hours. Therefore, AXS/USD is set to retrace, with the closest support being the $94.5 previous swing high.

While waiting for Axie Infinity to move further, read our guides on how to create NFT art, NFT marketplaces, as well as Coinbase Wallet review.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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