Axie Infinity Price Analysis: Bullish Call in AXS Token, Buyers Expect a Retest Above Round Level

Axie Infinity price jumped nearly 24% in the last 24 hours, reversing its 6-month low.
AXS price outlook is above the 20-day exponential moving average on the daily price chart, with the bulls now approaching the 50 EMA.
The AXS token belonging to the bitcoin pair is up 20.6% on 0.0007891 satoshis.

After reversing from a 6-month low, the Axie Infinity price appears to be on the up. Despite the recovery, the Axie Infinity token’s price has declined for almost a month after sinking from a falling wedge pattern on the daily cost curve. For more than ten months, the bulls possessed the critical hedging zone (grey box) that they had lost during the decline.

During the recovery, AXS investors are struggling near an important resistance area of the $28 mark. However, AXS price action shows a bullish signal, continuing the bullish spike since last night.

Bulls will need to accumulate the coin’s price to break the most recent bullish barrier. Meanwhile, at the time of writing, the Axie Infinity Token is trading at the $24.9 mark. Thus, as per CMC’s data for the last 24 hours, the market cap is above $1.5 billion and exists with a gain of 25%. Furthermore, the AXS token belonging to the bitcoin pair is up 20.6% at 0.0007891 satoshis.

Buyers are forming an important hedge area near the monthly low of $16.2. Nevertheless, the price outlook for AXS is above the 20-day exponential moving average on the daily price chart, with the bulls now approaching the 50 EMA. Furthermore, this week, traders saw the highest volatility trading session compared to the previous night, resulting in a 448% increase in trading volume.

Round level $30 seems to be a bullish hurdle

In terms of the daily price chart, the RSI has moved above the peak half-line (50 mark), with the RSI indicator showing bullish signals.

On the other hand, ADX started a downside correction after seeing a 43 point high, indicating a lack of bullish momentum for the Axie Infinity Token.

Conclusion

Despite the recovery, the bulls will have to accumulate the price of the coin to break the most recent bullish barrier of $28. However, the RSI gave a bullish signal for Axie Infinity Token.

Technical Levels

Support level – $17 and $15

Resistance level – $30 and $50

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing