Axie Infinity (AXS) is a blockchain game that lets players collect, and trade digital creatures known as Axies. It has two cryptocurrencies: AXS, the token that gives governance rights and can be exchanged on platforms, and SLP, the token that rewards playing and can be earned by winning. It operates on the Ronin Network, a sidechain linked to Ethereum.
As per Coinglass, Axie Infinity has $36.4 Million Open Interest and recently showed a decline of -6.58% in the last 24 hours. The 24-hour long versus short ratio is 0.9436. The total number of short positions added in the last 24 hours is $756.48 against longs of $9.65K. Moreover, the average volume of the Axie Infinity coin declined by 54.09% and the volume is at $73.20 Million.
The coin performed poorly this month as it dropped by 5.43%. Also, Axie Infinity’s price fell by 18.36% in the last half year which showed more underperformance over a period of six months. Furthermore, the Axie Infinity coin price return since the start of the year is also negative with a decline of 2.44%
Axie Infinity Price Technical Analysis in 1-D Timeframe
The price action shows that the price is following the trendline and bouncing off the support and resistance levels along the trendline. The AXS coin chart reveals that the price was correcting from January to June, dropping by about 65% and forming a falling wedge pattern. However, on June 15th, the price found strong support in the demand zone, where buyers stepped in and pushed the price up by around 44% in a month, creating higher highs and higher lows.
At the time of writing, the price has not broken out of the falling wedge pattern yet and seems to be losing steam as the volume is low and not enough to sustain the momentum. Therefore, there is a risk that the price might break below the nearest support level if sellers take over, or it might rally to the next resistance level at $9 if more volume comes in. Further upward movement can be expected only if there is more volume behind the move.
At the time of publishing, the AXS coin price (BITFINEX: AXS) price is trading above the 20, 50, 100, and 200-day EMAs (exponential moving average), which is supporting the price trend. Hence, the coin is expected to move upwards giving bullish signals over the daily time frame chart.
The MACD line at 0.03511 and the signal line at 0.00706 is above the zero line and gave a bullish crossover. The current value of RSI is 50.21 points and the 14 SMA is above the median line at 52.30 points. It seems the price is consolidating and the RSI line took rejection from the 14 SMA line and since the price is still in bullish territory, the bulls are still in the race, which might indicate a price surge and a rise in bullish sentiment in the upcoming sessions.
Conclusion
The Axie Infinity price prediction shows investors and traders are bullish on the stock on the 1-day time frame. The Axie Infinity price action reflects an optimistic view at the time of publishing. Moreover, the technical parameters of the Axie Infinity price suggest the continuation of the uptrend over the daily time frame chart. The indicators – MACD, RSI, and EMA are giving positive signals about the Axie Infinity coin price.
Technical Levels:
- The nearest support: $4.6247 and $4.019.
- The nearest resistance: $6.5250 and $7.4625.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/08/axie-infinity-price-prediction-2023-will-axs-skyrocket-soon/