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Axie Infinity Price Analysis: AXS peaks at $155, currently tests $120 previous high as support

Axie Infinity Price analysis

TL;DR Breakdown

  • 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.

Axie Infinity Price Analysis: AXS peaks at $155, currently tests $120 previous high as support 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: AXS peaks at $155, currently tests $120 previous high as support
AXS/USD 4-hour chart. Source: TradingView

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.

While waiting for Axie Infinity to move further, read our guides on the Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.

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