The price action of Axie Infinity indicates a bullish trend, as AXS crypto maintains its gains in the bullish zone, disregarding the rejections. The bears are still attempting to pull back in the by making short positions.
Axie Infinity crypto continues to display bullishness and hold its gains above the top. Bulls are accumulating the crypto and preparing to cross the $8 mark in the coming sessions.
The chart formation shows that the momentum is in favor of the bulls, signaling a positive outlook. AXS crypto is expected to break out soon. Long buildup activity was observed in the past few trading sessions. Furthermore, sellers are cautious due to the vertical rally that trapped them in the past few weeks.
Axie Infinity’s price stands at $7.1689 and gained 2.23% of its market capitalization during the day’s trading session. The last 24-hour trading volume was $49.093 Million demonstrating that buyers are accumulating. The price is likely to surge toward the upper price range.
Technical Analysis of Axie Infinity Crypto Price in 1-D Time Frame
Over the past three months, Axie Infinity (USD: AXS) crypto price rose steadily, gaining 50.97% and 11.39% in the last month. At present, AXS crypto is striving to maintain this level after an unexpected surge in price.
Currently, Axie Infinity crypto (USD: AXS) is trading above the 50 and 200-day daily moving averages), which are supporting the price momentum.
The current RSI value is 55.53 points. The 14 SMA is above the median line at 63.05 points, indicating bullishness in Axie Infinity crypto.
The MACD line at 0.2913153 and the signal line at 0.3390494 are both above the zero line. A bearish crossover is observed in the MACD indicator, signaling weakness in the momentum of AXS crypto price.
Weekly-Time Horizon Analysis
Axie Infinity crypto has demonstrated the strength on the weekly chart. Moreover, the price is trading above key EMAs, indicating further strength in the crypto. The RSI curve is hovering near the overbought region at 74, and a positive outlook was noted, indicating bullishness in the crypto. The MACD indicator continued to form green bars, and a bullish crossover was observed, signaling bullishness.
Summary
Technical oscillators also support the bullish trend for Axie Infinity (USD: AXS). The MACD, RSI, and EMAs are indicating positive signs and imply that the uptrend may continue for AXS crypto price. Price action suggests that investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment.
Technical Levels
Support Levels: $6.4156072.
Resistance Levels: $8.050552.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing or trading. Please conduct your own research before making any financial decisions.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
Source: https://www.thecoinrepublic.com/2023/12/16/axie-infinity-prediction-will-axs-hit-the-10-mark-in-2024/