Axie Infinity price analysis shows a slight downward trend in current market conditions. The crypto is trading at $10.10, at the time of writing. Prices have been trading between $9.81 and $10.52 over the past 24-hours. The next few hours may see upward price movement as the bears take a breather, but any rallies are likely to be short-lived as the overall trend remains bearish.
The AXS/USD pair is bearish today as the price reaches a low of $9.81, after failing to sustain above the $10.52 resistance level. The most recent attempt at a corrective rally occurred last week, but this too was sold into, leading to the current decline. The price has now broken below the $9.81 support level and looks likely to continue falling.
Axie Infinity price action on a 1-day price chart: Bears are adamant as they push prices below $10.10
On the 1-day timeframes, the Axie Infinity price analysis is bearish today as prices slip below $10.10. The bears have been in control of the market for the last 24-hours and are likely to push prices lower in the next few hours. The 24-hour market cap for the Axie Infinity analysis is currently at $837,469,708 and the trading volume is at $83,967,955.
The EMA50 and EMA20 are both close to crossing over on the 1-day chart, which is a bearish signal. The Relative Strength Index (RSI) is currently at 36.00 and is slowly rising, which indicates that the bears are losing momentum. The Moving Average Convergence Divergence (MACD) histogram is also bearish as it continues to decline.
Axie Infinity price action on a 4-hour price chart: Resistance at $10.52 is currently limiting upward momentum
The 4-hour timeframe for the Axie Infinity price analysis shows that the bears have been in control of the market for the last 4- hours. The price is currently trading below the $10.52 resistance level and looks likely to continue falling. The bulls may take control of the market if prices manage to sustain above the $10.52 resistance level. A breakout above this level could lead to a move higher toward the $11.00 resistance level. However, any rallies are likely to be short-lived as the overall trend remains bearish.
The AXS/USD price appears to be crossing under the curve of the Moving Average Convergence Divergence (MACD) histogram, which is a bearish signal. The Relative Strength Index (RSI) is currently at 34.01 and is moving below the 50 level, which indicates that the market is bearish. The 4-hour EMA 50 is currently at $10.55 while the EMA 20 is at $10.04.
Axie Infinity price analysis conclusion
To conclude, Axie Infinity price analysis indicates that the prices might continue to decline in the near term as the bearish trend continues. Investors should wait for the prices to stabilize before making any further moves. The Bulls and Bears are presently locked in a tug of war and it remains to be seen who will emerge victorious. The daily and four-hour chart is presently providing a bearish outlook for the coin and if the prices close below $10.52, it might result in a further decline.
Source: https://www.cryptopolitan.com/axie-infinity-price-analysis-2022-10-20/