- The Axie Infinity (AXS) token is trading on a lower time frame inside an ascending parallel channel.
- AXS token again reaches to retest the 100-DMA in the 4-hours price scale.
- Last night trading volume increased by 100% to $207 million.
Finally, Axie Infinity (AXS) has broken out of its sideways trend. Within the consolidation area, the market reaction is launching a bull cycle with the potential to hit the $20 barrier. Nonetheless, turbulent market conditions put the sustainability of the positive trend into doubt and raise the prospect of an initial negative reversal.
Price activity on shorter time frames, such as the 4-hour chart, shows a rising parallel band. The bulls suffered a setback today as the price retested the 100-day EMA. However, buyers might be aggressive around the bullish pattern’s support trendline. The $15.5 level has now become an urgent barrier for purchasers.
AXS on 4-Hours Price Scale
Buyers failed to sustain the bullish breakout. As a result, the token is down in the intraday trading session while it is trading at the $17.5 mark at press time. However, buyers reclaimed the AXS price by 10% this week.
The market cap has risen 1.8% to $1.2 billion in the last 24 hours, according to CMC. Last night, trading volume increased 100% to $207 million due to a sharp jump in price. Thus, the price of the AXS/BTC pair rose by 3% to 0.000735 Satoshis.
AXS on Daily Price Scale
The daily RSI indicator failed to move above its semi-line, which could be one of the reasons behind today’s selloff. Meanwhile, the bears are again attempting to close the daily price candle below the 20-day EMA on the daily price scale.
Conclusion
Today’s price closing of Axie Infinity token (AXS) will decide the next move. However, the RSI is slightly negative and the price is going down. But the bulls have a chance to reverse the price trend near the support trendline of the ascending parallel channel.
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/09/26/axie-infinity-price-analysis-axs-headed-to-retest-100-dma-during-weekend/