- Axie Infinity price analysis is bearish for today.
- AXS/USD consolidated yesterday.
- AXS rallied earlier today to $72.
Axie Infinity price analysis indicates bearish momentum to follow later today as another lower high was set earlier today after a consolidation yesterday. Therefore, we expect AXS/USD to reverse and retest the $68 support again later today.
The overall market traded in the green over the last 24 hours, with Bitcoin increasing by 1.06 percent. Ethereum has gained 2.27 percent, while Solana (SOL) is among the best performers, with a gain of 21 percent.
Axie Infinity price movement in the last 24 hours: Axie Infinity moves above the $70 mark again
AXS/USD traded in a range of $68.05 – $72.59, indicating strong volatility over the last 24 hours. Trading volume has decreased by 18.88 percent and totals $594 billion. Meanwhile, the total market cap trades around $4.36 billion, ranking the coin in 33rd place overall.
AXS/USD 4-hour chart: AXS set to move lower?
On the 4-hour chart, we can see a brief rally for Axie Infinity price, which should lead towards another test of the $68 support later today.
Axie Infinity price action has seen a substantial increase over the past weeks. After rallying more than 250 percent in July, AXS/USD moved sideways during the first week of August.
However, on the 10th of August, another strong move to the upside was seen, resulting in a further gain of more than 80 percent to the current high of $80. Since then, AXS has moved sideways around the $70 mark, failing to reach further highs seen last weekend.
This week, Axie Infinity price action declined to the $68 mark, where local support was formed. After consolidating above the support yesterday, AXS/USD saw a slight move higher over the past hours. However, as no substantial rally followed, we expect AXS to return to the $68 support later today.
Axie Infinity Price Analysis: Conclusion
Axie Infinity price analysis is bearish today as the market price continues trading in a consolidation range, with a slight rally seen earlier today. Therefore, we expect AXS/USD to retrace later today and look to retest the $68 mark again.
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