Axie Infinity Price Struggles Below $10; Will AXS Price Rise Again?

Axie Infinity price gained 15.34% last week and attempted to regain the $10.00 mark. However, the attempt was not successful and AXS price witnessed profit booking from the 50-day EMA hurdle.

Axie Infinity price defends the $7.00 support and shows a decent bounce denotes buyers are active at the lower levels. However, the prices are lacking upward momentum and expected to see range bound trading before deciding the further direction.

Axie Infinity price trading at $8.47 with an intraday rise of 1.44% and 24 hour volume to market cap ratio at 0.0658. The pair of AXS/BTC is trading at $0.0003050 with an intraday decline of -0.33% which shows a minor divergence between both the pairs.

In mid-January, AXS price witnessed a massive surge in the buying volume and prices also picked up on positive momentum. Later, prices rallied 80% (approx) in a week and broke out of the $10.00 hurdle with a strong momentum. However, the rally halted near $14.00 and formed a bearish shooting star candlestick pattern.

Axie Infinity Price Slipped Below the Short Term Base

Axie Infinity price consolidated for a few weeks in a narrow range and bulls succeeded in holding the price above $10.00. During the consolidation phase, minor profit booking was also there but it displayed signs of short term base formation. Since mid-February, slowly and steadily, AXS price started declining by forming lower-lows and ended up losing all its previous gains. Meanwhile, the global market sentiment also turned bearish and AXS broke down from the lower range.

Axie Infinity: Will AXS Price Achieve the $10.00 Level Again?

Axie Infinity price is currently trading below the 50- and 200-day EMA showcasing a downtrend on a positional basis. However, if the bulls are able to push AXS price above $10.00, then we might expect more upward momentum to continue, which can take Axie Infinity to previous highs.

On the other hand, if AXS price drops below the $7.00 support then the bears may try to drag the prices further down toward the yearly lows at $5.84. The technical indicators like MACD had generated a positive crossover indicating bullishness to continue for some more time. The RSI at 46 sloping sideways denotes prices are in the neutral territory and expecting consolidation.

Conclusion

Axie Infinity price gained 15.34% in the previous week but it failed to give follow up momentum in the current week indicating strong bears. However, AXS price holds the $7.00 level which will act as a strong demand zone for bullish traders. Technical analysis suggests the probability of upside expansion is high till AXS price sustains the $7.00 support.

Technical levels

Resistance levels : $10.00 and $14.00

Support levels : $7.00 and $5.84

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes 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