Axie Infinity Price Analysis: AXS above $126 support, what’s next?
TL;DR Breakdown
- Axie Infinity price analysis is bearish for today, up by 0.56%.
- The nearest support is present at $126, while another is at 106.18 USD.
- The price resistance is present at $130, which is currently being tested.
Axie Infinity has become one of the most popular platforms for blockchain-based gaming as the number of users on the platform has increased exponentially. The game was inspired by Pokemon and allows players to raise, breed, collect and battle with tokenized creatures using the AXS token.
Today’s Axie Infinity price analysis is bullish as the coin is up by 0.56% on the daily candle. While considering the data from CoinmarketCap, it is clear that the one-day trading volume of the token has dropped by 9.18%. The market cap of the coin surged 3.06%, owing to its rising popularity in the blockchain-based gaming world.
On the other hand, Bitcoin has made a new high for the month, and the monthly price chart now looks bullish. The bulls took charge of Bitcoin in October, as the BTC/USDT pair started the month at 43.7K and is currently at $54K.
Price action in recent days
Axie Infinity price analysis on the monthly chart continues to be bullish. In July, we saw a 649% growth for AXS token, while in August, 69% growth was witnessed. The month was September was rather bearish for the coin, with only 3% growth, while in October, the coin rose by more than 69% at the time of writing.
The current price of the coin is $127, while the highest for today was $131.2, while the lowest was $126.92. Axie Infinity has performed extremely well in the short term, as the coin rose by more than 7% on the last day of September. On the other hand, October was started at a surge of 47.75%. On 3rd October, a price surge of 27.4% was witnessed.
Axie Infinity price analysis: Technical indicators turning bearish
Axie Infinity price analysis using the 4-hour chart below shows that the AXS/USDT price has come down towards the lower end of the Bollinger Bands. This is a bearish price movement, and further downward movement might result in a bearish breakout.
The key Moving Averages, i.e., the 100-day and 50-day Moving Averages, continue to traverse below the price actions. This is good news for traders on the 4-hour charts. These key Moving Averages will act to support the price action.
Considering the AXS/USDT price analysis using the 4-hour chart below, it is clear that the RSI indicator is returned to the neutral zone in the 4-hour chart. It is also noticeable that the price action has been in the overbought region for the past few days. If the RSI falls below the 50-level, we can experience lower prices as the current support breaks.
The MACD indicator, on the other hand, shows that we recently saw a bearish divergence on the 4-hour chart. This divergence causes the histogram to turn red in the short term as the orange line is progressing above the blue line. This shows that the selling pressure is higher currently than buying pressure for the AXS/USDT pair.
Axie Infinity price analysis: Conclusion
The conclusion for today’s Axie Infinity price analysis is on a bearish note for the future. But, if the buyer orders are able to defeat the sellers, the current support may hold, and higher prices may follow.
In a recent Series B funding round, Sky Mavis and the team of Axie Infinity raised about 152 million. Therefore, the future potential of the coin cannot be easily determined. You might take a peek into our long-term Price Prediction of the coin for better guidance.
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