Axie Infinity Price up 8%, Will AXS price break $10.00 hurdle?

• Axie Infinity Price gained 8% approx on a monthly basis.
• AXS price holds a 50 day EMA and is trying to sustain a $9.00 level.
• Axie Infinity Price seems to be stuck into the narrow range. 

Axie Infinity price gained 8% on a monthly basis and managed to climb above the 50 day EMA. It showcases that the short term trend is reversing in the upward direction and more upside momentum is possible. However, AXS price is still below the 200 day EMA which denotes the positional trend is still in the bear grip. 

AXS price had consolidated for quite a long time near $8.00 which shows the signs of long term base formation. However, the confirmation will come when buyers succeed to break the $10.00 hurdle level. 

Axie Infinity price is trading at $9.10 with an intraday rise of 0.66% and 24 hour volume to market cap ratio at 0.0627. The pair of AXS/BTC is trading at 0.0002983 with an intraday rise of 0.57%. At the beginning of March, Axie Infinity price dropped below the important support of $10.00 which disturbed the sentiment of the long term investors. Later, prices began to decline by forming lower lows and tested the demand zone. 

AXS price downfall halted at $6.87 and formed a bullish hammer candle. It shows responsive buyers are active near the demand zone and $6.87 will act as a strong support in the coming future.

Will Axie Infinity Price break $10.00?

Axie Infinity Price recovered 30% approx from the recent swing low at $6.87 and tried to break the $10.00. However, the prices lacked momentum on the higher levels and got stuck into the narrow range of consolidation. 

AXS price is trying to hold the $9.00 level and showed the initial signs of the trend reversal. If the overall market sentiment remains bullish then AXS price might continue to rise upside. Moreover, If prices sustained $9.00 for a few weeks then probability of $10.00 break out will substantially increase. The technical analysis suggests, Axie Infinity Price is in the initial phase of the trend reversal and possibility of the upside range expansion remains high.

AXS price rose by 6.84% on a weekly basis and succeeded to break out of the previous week high at $8.96. It shows that buyers are more active as compared to sellers. On the other hand, if the Axie Infinity price drops below $6.87 then sellers will become more active. It will also decrease the probability of trend reversal. 

The technical indicators like MACD had generated positive crossover and the curve is sloping upward. It indicates prices are gaining momentum and likely to trade with bullish bias. The RSI at 57 pointing upside denotes the strength of bulls and more upside is open. 

Conclusion

Axie Infinity Price gained 8% on a monthly basis and attempted to break out of the narrow range consolidation. AXS price formed a strong base near $8.00 and the probability of the upward range expansion is high. The technical analysis suggests, AXS price is the initial phase of trend reversal and might break $10.00 level in coming months.

Technical levels

Resistance levels : $10.00 and $13.96

Support levels : $6.87 and $5.90

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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