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Axie Infinity price analysis: AXS crashes down to $111, shedding 21 percent overnight

Axie Infinity price analysis AXS crashes down to shedding percent overnight

TL;DR Breakdown

  • The Axie Infinity price analysis is strongly bearish.
  • AXS/USD pair price has also crashed along with the market.
  • Support is sufficiently strong at $110.

The Axie Infinity price analysis shows the coin crashed hard as the market took a dip today. AXS was on a downtrend since 8th October after hitting ATH on 7th October at $160, AXS was continuing its downtrend with normal higher lows continuously, but as the market went south today, the AXS/USD also jumped on the bandwagon and crashed spectacularly.

The broader crypto market is bearish today as the giants Bitcoin and Ethereum took a dip as well, with Bitcoin stepping below the $50,000 range down to $46k-$47k range losing 16 percent value in just a few hours. The market remains volatile as most altcoins also report losses ranging from single to double-digit figures.

AXS/USD 1-day price chart: AXS loses 21 percent overnight

The 1-day price chart for Axie Infinity price analysis shows the coin was showing a bearish tendency since 1st December, but the bearish pressure started to rise yesterday and went extreme today as the price is now trading at $111 at the time of writing. AXS/USD reports a loss of 21.26 percent over the last 24 hours and reports a loss in value amounting to 13.80 percent over the past week. On the contrary, the trading volume has increased by 86 percent today.

Axie Infinity price analysis: AXS crashes down to $111, shedding 21 percent overnight 1
AXS/USD 1-day price chart. Source: TradingView

The volatility was decreasing for AXS/USD pair as the Bollinger bands were converging for the past few days, but today the indicator started to diverge again as the price crashed south. Currently, the price is trading below the lower limit of the indicator, which at the $118 mark represents resistance for AXS. The moving average (MA) has also started to travel below.

The relative strength index (RSI) has also been traveling downwards since yesterday and has almost reached near the border of the oversold zone. The RSI is trading on a downwards slope at index 33 as the selling pressure is high from the bears but has not touched the oversold zone yet.

Axie Infinity price analysis: Recent developments and further technical indications

The 4-hour price chart for Axie Infinity price analysis shows the coin got support at $110, as the price took an upturn from this point rejecting further downside. The price has been elevated up to $111. The increase is comparatively very small, but the last green candlestick is hopeful for assuming the price is maintaining its level now.

Axie Infinity price analysis: AXS crashes down to $111, shedding 21 percent overnight 2
AXS/USD 4-hours price chart. Source: TradingView

The volatility is high on the 4-hour chart as well, even much more than the daily chart, and the lower end of the Bollinger bands shows more divergence due to the overwhelming downtrend at the moment. The lower limit of the Bollinger bands at the $115 mark now represents resistance for bulls to encounter. The RSI curve has also turned upwards due to the recently found bullish support after dipping into the oversold region today. However, the RSI is still trading in the oversold territory at index 24.

Axie Infinity price analysis conclusion

The Axie Infinity price analysis shows the price is present at the lowest level after the 2nd October price level, as it has hit the lowest of the previous two months. But as we know, the entire market has been trembled down today, and AXS followed suit. The hopeful sign is the present support that just appeared, but the notable point is, the support was seen just after Bitcoin got support recently, so it’s safe to assume the persistence of the support and the possible recovery will depend upon Bitcoin’s next move.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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