Axie Infinity price analysis: Cryptocurrency value appreciates to $20.80 after a bearish run

Axie Infinity price analysis
TL;DR Breakdown
  • Axie Infinity price  analysis is bearish
  • Support for AXS/USD is present at $20.27
  • Axie Infinity price is facing resistance at $21.77

Axie Infinity price analysis shows AXS/USD prices opened the daily market with a bearish trend. Axie Infinity’s current price is $20.80.The bears seem to have worn out. However, the selling pressure is so high that we expect the bulls to stumble to recover the market. AXS price is currently facing resistance atb$21.77 while support is present at $20.27. Despite the bears taking over the AXS price in the last few weeks, bulls are likely to regain the market in the short term.

image 382
Cryptocurrencies price heatmap, Source: Coin360

The market opened with a bearish candlestick yesterday. The cryptocurrency started the day at $20.80 and immediately fell to a low of $20.27. This move down was followed by a minor relief rally that took the price back up to $20.80. However, the market has been consolidating at this level for the past few hours. The trading volume has been very low, which is at $152,675,964, and indicates that the market is undecided about the next direction. The volume market cap is currently at $.1,251,759,108.

Axis Infinity 1-day price analysis: Bears mount pressure on AXS/USD prices

Looking at the 1-day Axie Infinity price analysis, it is most likely that a bullish trend is being welcomed. Axie price action in the last 24 hours shows the AXS/USD token has declined to where it currently trades. Looking at the 24-hour timeframe, there is a bearish double-top pattern that has been forming.

image 383
AXS/USD 1-day price chart, Source: TradingView

The moving average convergence divergence is currently in the positive region but is gradually losing its strength. The MACD line is about to cross below the signal line, which will confirm a bearish crossover. The relative strength index has been declining since yesterday and is currently at 37. This indicates that the market is oversold and a relief rally might be on the cards.

AXS/USD 4-hour price analysis: Bearish wave extends as price steps to $20.80 low

The 4-hour Axie Infinity price analysis timeframe shows that the AXS/USD pair has been in a downtrend since the beginning of this week. The price has fallen from $24 to where it is currently trading at $20.80. The bears have been in control of the market and have been able to push the price below the moving averages. The 50-day simple moving average is currently at $22.09 and the 200-day SMA is at $24.48.

image 385
AXS/USD -hour price chart, source: TradingView

The MACD on the 4-hour timeframe is in the bearish zone and has just had a bearish crossover as the MACD line crosses below the signal line. RSI indicator is currently at 33 and is indicating oversold levels.

Axie Infinity price analysis conclusion

Axie Infinity price analysis conclusion indicates AXS/USD pair is currently in a downtrend and is facing resistance at $21.77 as it’s currently trading at $20.80.The bulls are likely to regain control of the market in the short term. The bears and the bulls are in battle control and it seems the bears are getting exhausted. The prices have been consolidating below $30 before the market could witness a breakout upwards as the weekend proceeds. Bulls will have to breach the key resistance of $30 to validate the bullish trend.

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.
Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Related News

Hot Stories

Bank of International Settlements green signals CBDC
Robinhood partners with Polygon to test Web3 waters. Here’s how
Neo price analysis: NEO moves sideway at $8.43 as bears strive for control
Vechain price analysis: VET loses 7 percent as the price function deflates to $0.0220
Cardano price analysis: ADA crashes below $0.4300 as bears charge through

Follow Us

Industry News

Bank of International Settlements green signals CBDC
Robinhood partners with Polygon to test Web3 waters. Here’s how
Shark tank's Kevin O'Leary advice to investors
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
What is happening with Nexo?