- Axie Infinity price is trading below the key moving averages on the daily price scale.
- Post recovery, buyers may witness a bearish weekend with a decline of 21%.
- The trading volume registered a 34% drop in trading volume compared to the previous night.
The Axie Infinity token has changed its moving map since the formation of the first red candle in the last 10 days. The recent decline forced hapless buyers to open their long positions. Therefore, the price action continues to make lower highs on the hourly time frame. Although the sentiment of the AXS token is bearish, nevertheless, buyers tried to keep the crypto in the green.
Amid efforts by buyers, Axie Infinity Token is trading green at the $14.6 mark against USDT at press time. Despite the downtrend, the bears have room to push the AXS price lower until it reaches the $12.3-support level. Moreover, if the buyers fail to sustain the recent support then the conceptual round level $10 will be the next support.
In terms of the daily price graph, Axie Infinity’s price is trading below the key moving averages. The selling started near 100-DMA but failed to convert into buyer support. Meanwhile, the 50-DMA appears to be the key resistance level for the buyers.
According to CMC, the market cap was recorded at $1.2 billion in the last 24 hours. The USDT pair with AXS is trading down, in contrast, the AXS coin related to Bitcoin is up 1.7% at 0.000689 Satoshis. In addition, the trading volume recorded a 34% drop in trading volume during the previous night.
The Conceptual Round level-$10 is the Key Support
The RSI indicator is bearish as its peak is at the 36-level. If the RSI indicator starts to move below the 30-mark, the bears could be more aggressive to sell. On the other hand, the MACD indicator is still indicating a strong bearish signal for the Axie Infinity Token.
Conclusion
Today’s recovery has brought relief to Axie Infinity investors. Traditional indicators such as the RSI and moving averages support bear dominance. For the upcoming trading sessions, the bears have room to push the AXS price lower until it reaches the $12.3-support level.
Technical Levels
Resistance level- $18 and $28
Support level- $12 and $10
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.
Source: https://www.thecoinrepublic.com/2022/08/22/axie-infinity-price-analysis-dont-follow-selling-on-rising-axs-may-take-next-support/