- Axie Infinity price analysis is bullish today.
- AXS/USD retraced to the previous high at $120.
- Buying pressure is likely to return later today.
Axie Infinity price analysis is bullish today as a substantial retracement was seen over the last 24 hours from the $155 all-time high. Therefore, as long as the $120 support holds, we expect AXS/USD to see further upside later today.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 0.85 percent, while Ethereum declined by 2 percent. Meanwhile, Shiba Inu (SHIB) is still the best performer, with a gain of more than 60 percent.
Axie Infinity price movement in the last 24 hours: Axie Infinity retraces to retest $120 as support
AXS/USD traded in a range of $120.29 – $140.27, indicating substantial volatility over the last 24 hours. Trading volume has declined by 27.43 percent and totals $2.24 billion, while the total market cap trades around $7.49 billion, ranking the coin in 23rd place overall.
AXS/USD 4-hour chart: AXS to reverse above $120?
On the 4-hour chart, we can see the Axie Infinity price action testing the $120 previous resistance as support, indicating a potential reversal back to the upside later today.
Axie Infinity price action has seen strong bullish momentum over the past weeks. After a sharp drop on the 20th of September, a new major swing low was set around $50.
From the $50 mark, AXS/USD saw bullish momentum return again, with a rally back to the $72 resistance at the end of September. Further, after setting a clear higher low on the 26th of September, bullish momentum started to increase rapidly.
The Axie Infinity price broke above the previous consolidation at the end of September, leading to a sharp spike higher on the 1st of October, with the $120 as the initial high. From there, a slight retracement was followed by a further push to $150.
Since the $150 mark was reached on Monday, a slow retracement was seen, with the $120 previous major swing high retested as support. Unless the $120 mark breaks, we expect AXS/USD to continue higher over the next 24 hours.
Axie Infinity Price Analysis: Conclusion
Axie Infinity price analysis is bullish today as the previous resistance at $120 currently gets tested as a support. Therefore, unless AXS/USD breaks lower, we should see a reversal back to the upside over the next 24 hours.
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