Axie Infinity price analysis shows AXS/USD prices opened the daily market with a bearish trend. Axie Infinity’s current price is $20.80.The bears seem to have worn out. However, the selling pressure is so high that we expect the bulls to stumble to recover the market. AXS price is currently facing resistance atb$21.77 while support is present at $20.27. Despite the bears taking over the AXS price in the last few weeks, bulls are likely to regain the market in the short term.
The market opened with a bearish candlestick yesterday. The cryptocurrency started the day at $20.80 and immediately fell to a low of $20.27. This move down was followed by a minor relief rally that took the price back up to $20.80. However, the market has been consolidating at this level for the past few hours. The trading volume has been very low, which is at $152,675,964, and indicates that the market is undecided about the next direction. The volume market cap is currently at $.1,251,759,108.
Axis Infinity 1-day price analysis: Bears mount pressure on AXS/USD prices
Looking at the 1-day Axie Infinity price analysis, it is most likely that a bullish trend is being welcomed. Axie price action in the last 24 hours shows the AXS/USD token has declined to where it currently trades. Looking at the 24-hour timeframe, there is a bearish double-top pattern that has been forming.
The moving average convergence divergence is currently in the positive region but is gradually losing its strength. The MACD line is about to cross below the signal line, which will confirm a bearish crossover. The relative strength index has been declining since yesterday and is currently at 37. This indicates that the market is oversold and a relief rally might be on the cards.
AXS/USD 4-hour price analysis: Bearish wave extends as price steps to $20.80 low
The 4-hour Axie Infinity price analysis timeframe shows that the AXS/USD pair has been in a downtrend since the beginning of this week. The price has fallen from $24 to where it is currently trading at $20.80. The bears have been in control of the market and have been able to push the price below the moving averages. The 50-day simple moving average is currently at $22.09 and the 200-day SMA is at $24.48.
The MACD on the 4-hour timeframe is in the bearish zone and has just had a bearish crossover as the MACD line crosses below the signal line. RSI indicator is currently at 33 and is indicating oversold levels.
Axie Infinity price analysis conclusion
Axie Infinity price analysis conclusion indicates AXS/USD pair is currently in a downtrend and is facing resistance at $21.77 as it’s currently trading at $20.80.The bulls are likely to regain control of the market in the short term. The bears and the bulls are in battle control and it seems the bears are getting exhausted. The prices have been consolidating below $30 before the market could witness a breakout upwards as the weekend proceeds. Bulls will have to breach the key resistance of $30 to validate the bullish trend.
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Source: https://www.cryptopolitan.com/axie-infinity-price-analysis-2022-05-21/