Axie Infinity price analysis: AXS bulls are back in action!

  • Bulls are back and trend reversal has begun 
  • AXS gained 61.74% of trading volume in just 24 hrs.
  • AXS/BTC pair is at 0.000754 BTC with a change of +4.72%

Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. Each Axie possesses six out of the hundreds of different potential body parts — each of which has its own battle move.

It looks like the AXS bulls have started supporting the token as the price is currently moving above the exponential moving average. Analysts believe that the past few days have been a great opportunity to buy the dip, as now the bulls are driving the market green.

The daily graph shows us that the trend reversal has begun, the current price for one AXS is trading at $22.86 with a gain of 7.46% in its market capitalization in the past 24 hrs. AXS has a trading volume of 249 million with a gain of 61.74% in 24 hrs and a market cap of 1.3 billion with a gain of 7.27% in it. The volume market cap ratio for AXS is 0.1789. Seems that the bears are losing their grip over the market. AXS/BTC pair has a value of 0.000754 BTC with an increase of 4.72% in it.

Source: AXS/USD by tradingview

Short term analysis 

The short-term (4 hrs) graph shows a breakout of a sideways trend which was between resistance and support of $23 nad $29 respectively, and initiation of an uptrend. 

Technical indicators like MACD indicate bullish movement as the MACD line made a positive cross over the MACD signal line and the histograms also started rising. 

While the relative strength index is not overbought yet, the value is above 65. Which supports the MACD indication.

Source: AXC/USD by Tradingview.

Conclusion 

The analysis says the AXS bulls are now focusing on the token and the trend reversal has begun.

The technical indicators are supporting the Statement.

Technical levels 

Resistance : $30 and $32.5

Support: $20 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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

ALSO READ: Ripple’s XRP is unable to make progress; is it due to investors waiting for the SEC vs. Ripple lawsuit decision?

Source: https://www.thecoinrepublic.com/2022/05/23/axie-infinity-price-analysis-axs-bulls-are-back-in-action/