AXS Price Analysis: Axie Infinity looks primed to make a comeback

•AXS/USD is currently priced at $60.77 and has decreased by 5.44% over the past 24 hours

•The Trading Volume is down by 26.56%

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•The technical indicators suggests the presence of underlying bullish momentum

Short Term View: Strength of bulls still evident as prices of Axie Infinity fall

The Axie Infinity price today is $60.77 USD with a 24-hour trading volume of $412,836,509 USD. Axie is down 5.44% in the last 24 hours. The Trading Volumes have decreased in the last intraday session and the Volume to Market Cap Ratio stands at 0.115.

Axie trades significantly below it’s all time high of $165.37 which it topped off on November 6,2021. The altcoin has witnessed a fall in prices over the past few days but a major bullish reversal is about to happen in Axie which could propel the coin towards new highs. Axie trades above the 20 SMA on the 4 hour chart ,which is indicating ample bullish momentum. The discount in Axie Infinity prices could lure more investors, indicating a high possibility of bullish reversal. The support for the altcoin lies at $57 while the resistance to look for in the next couple of days lies at $65.

Long Term View 

The RSI indicator for Axie Infinity stands at 48%  and shows that the slope is steadily approaching the central line, with the hope of bullish crossover. Moreover, an evident bullish divergence in the RSI chart indicates the increasing strength on buyers’ side.Further, the MACD histogram maintained itself above the zero-line. The MACD line is about to enter the positive territory in what could be a major bullish signal for the coin.Therefore, the technical indicators reflect a rise in underlying bullishness projecting a possible bullish reversal from the aforementioned support. However, the presence of several resistances along the way might delay this bullish rally.

ALSO READ: CHZ Price Analysis: Chiliz Coin needing support from the bulls to reclaim resistance

Conclusion

The neckline for Axie Infinity is at the $65 mark, and a bullish breakout from this resistance would provide a better confirmation for a bullish rally.Alternatively, if the sellers take advantage of the fake-out and pull the coin below the 20 day SMA, the selling pressure could sink the altcoin to the immediate support of $57 or $54.5. The next couple of days will be make or break for Axie and the upcoming price movement will give us an insight into the future course of the coin.

Support: $57-$54.5

Resistance: $65

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.