- Axie Infinity (AXS) is heading towards a 52-week low.
- The ADX indicator started falling below the 50 mark.
- Hourly price is remaining in a falling parallel channel.
Axie Infinity (AXS) continued its downtrend since 06 December. Although altcoins have been running under the dominance of bears for the past several days and investments are yet to appear in the crypto for a longer term outlook. The crypto market also shows sell vibes as bitcoin declined from the $18,300 mark thus most of the altcoins followed the same path.
Although the Average Directional Index (ADX) was showing high strength in the bearish trend of Axie infinity (AXS). Recently ADX recorded its peak at 50 before slipping down. As of now, the market is reducing selling pressure. Thus last night, buyers became aggressive, gaining 4.35% after a long hustle.
Eventually, Axie Infinity (AXS) price follows seller’s orders while price is trading at $6.83 mark along with 1.73% drop. This roller-coaster ride occurs because for the past several days, AXS remains into the falling parallel channel so far. Now crypto seems closer to the demand zone, so buyers have a chance to take a step ahead towards the higher side.
Buyers have last shot to defend themselves near annual low. Conversely, bears sit at a conceptual round level of $10. Aside from this, trading volume may create trouble for buyers as it decreases. Furthermore, volume dropped 56% in the last 24 hours at $30.7 Million.
Speculators watched the mid-band breakdown of the Bollinger Bands indicator this week. Now the lower band remains to provide further price pump. Following the trend, the RSI and MACD indicators are supporting further downside in the coming days.
Conclusion
For the week ahead, AXI Infinity (AXS) investors should look to protect themselves with a bearish trend reversal above the yearly low. Though, the technical indicators favor the downside scenario but any sharp recovery could change the momentum of the prices.
Support level – $6.0
Resistance level – $10 and $15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/18/can-axie-infinity-axs-price-hit-10-mark-before-fy2023-begins/