Axie Infinity price prediction turned mildly bearish after AXS crypto price dropped below the $5.00 level. AXS price fell 16% in the previous week and eroded the gains generated in the past 3 months.
Axie Infinity price faced rejection from the 50-day EMA showcasing that the short-term trend is down. However, the price is near its yearly lows and buyers are trying their best to defend.
AXS price is in a correction phase and forms a bearish pattern. Sellers seem more active as compared to buyers. So short-term pullback in AXS crypto will face difficulty in holding the higher levels.
In the mid-July, 2023, Axie Infinity cryptocurrency price tried to break the $7.00 hurdle. Sadly, due to the strong presence of sellers, the attempt failed and prices reverted down.
Later, AXS cryptocurrency prices consolidated in the range between $5.00 to $6.50. It displayed the signs of the base formation. But in mid-August, the situation changed and Axie Infinity price broke down to the lower range which triggered further downfall.
Axie Infinity price is trading at $4.85 with an intraday decline of -0.21%. The 24-hour volume to market cap is 2.12%.
Will Axie Infinity Price (AXS) Defend the YTD lows?
Axie Infinity price prediction (AXS) favors the bears in the short run. The overall cryptocurrency market is also mildly bearish which negatively impacts the prices of AXS and other Altcoins.
AXS price had gone far away from the 50-day EMA so the short-term pullback rally is possible. However, the confidence of the buyers will come when Axie Infinity price is able to regain the $5 mark.
Whereas, if the AXS cryptocurrency price drops below $4.44, then the next phase of decline might be triggered. The technical analysis suggests that buyers are active near YTD lows and a bounce back is expected in the upcoming weeks.
AXS Price Formed Doji Candle on Weekly Time Frame
AXS price formed a Doji candle on a weekly timeframe and buyers are trying to defend the weekly lows. If the crypto leader Bitcoin price recovers, then AXS crypto might also get positively impacted.
The MACD curve is reversing upward indicating that bulls are active. So, if the Axie Infinity price recovers, then a positive crossover is possible. The RSI is at 27 near the oversold territory. So, a surprising relief rally might trigger anytime from the lower levels.
Conclusion
Axie Infinity price prediction is bearish for the short term and sellers continue the dominance. However, the AXS crypto price is near the YTD lows so a pullback rally is possible.
Technical Levels
- Resistance levels: $5.50 and $6.92
- Support levels: $4.44 and $4.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/26/axie-infinity-price-prediction-axs-below-5-good-time-to-buy/