- Axie infinity price analysis is strongly bullish today.
- The nearest resistance is found at $138.
- Cryptocurrency is supported at $126.
The Axie Infinity price analysis reveals the AXS/USD is highly bullish today as it receives exceptional positive sentiment from the market. The bulls are on the march towards attempting a new record high as the price has already reached $136, and the all-time high happens to be at $138, which is the nearest resistance level for the crypto pair. The price movement was slow at the start of today’s session but has got momentum during the last five hours, as it shot up quite fast.
AXS/USD 1-day price chart: Bulls aiming for a new record high
The 1-day price chart for Axie Infinity price analysis shows price has increased significantly as bulls covered a range from $121 to $136 today, and the pair is trading hands at $136.78 to be exact at the time of writing. AXS/USD gained more than 15 percent value over the last 24 hours and about 10 percent value if observed over the course of the last seven days. But the trading volume has decreased by more than 17 percent over the last 24 hours.
The volatility is still high for AXS/USD as the upper Bollinger band is at the $160.9 mark, and the lower band is at the $53 mark. The upper band represents the resistance for the coin, whereas the average of the Bollinger bands at $107 represents the support. The breakout of the indicator seems to be upwards, which shows good prospects for the price in the coming days.
The relative strength index (RSI) has reached the overbought limit as it is present at index 71, just above the borderline of the neutral zone. RSI can any time give a sell signal, but if we look at the previous trend, the RSI has gone as high as 82, so still, a further increase in buying activity is not impossible.
Axie infinity price analysis: Recent developments and further technical indications
The 4-hour Axie Infinity price analysis shows a constant uptrend in the price for the last few hours, with the price covering most of the range in the last hour, when it went up steeply above the resistance of the upper Bollinger band, converting it into a support for the coming hours.
The Bollinger bands formed a narrow channel on the 4-hour chart after the flash crash of 7th September, when price oscillation was minimal for a long period, but today again, the Bollinger bands started diverging, indicating an increase in volatility at a fast pace. The upper band at $130 now represents support for the coin price. The RSI is at the borderline of the overbought zone but still in the neutral zone at index 69, indicating increasing buying activity in the market.
Overall, 17 technical indications support the bullish trend, including the moving averages (MA) and exponential moving average (EMA) of 10 days up to MA and EMA of 200 days. None of the technical indicators support the selling of AXS assets; however, nine technical indications stand neutral and don’t show support for any side.
Axie infinity price analysis: conclusion
The Axie Infinity price analysis suggests as most of the technical indications are also in favor of the buying decisions for AXS/USD, but selling pressure can kick in any time as the price has almost reached near the last ATH of $38 and could not sustain the position for more than a day previously. To understand there will be quite significant selling pressure at this point does not require a mind of a rocket scientist. As the price is already at the $36 level, the coming hours will decide if AXS can achieve a new record high or bulls go home with acceptable profits.
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