AXS Price Analysis: Can a Bull Run be Seen In Near Future?

• Axie Infinity (AXS) is currently moving in a sideways trend.
• The coin has formed a strong consolidation at current price levels and a breakout of such levels can result in a strong bull move.
• MACD and RSI indicators do not give any buy signal as of now.

AXS prices have drastically decreased since November 2021. It continued its downward trend until November 2022, at which point it took support around $5.66. The price of AXS moved in a range from November 2022 to the beginning of January 2023. On January 7, 2023, the price finally broke out of the range and showed a bull move to its next nearby resistance. 

Monoscopic View

The coin is once again consolidating in a range on the weekly chart after making a bullish move from its support level. Any breakout or breakdown of this zone will, correspondingly, cause prices to rise or fall. Therefore, a bull move could occur if the price breaks this range with a good volume.

The MACD indicator previously displayed a bullish crossover. This clearly demonstrates that bulls were in control of the bears at that time. However, at the present time, we can see that the MACD indicator’s histograms are turning light green which indicates that the bulls are waning and there is a possibility that the bears will take control.

The RSI curve, on the other hand, is currently trading below its 50-point threshold at 47.16. If the price of the coin increases, the RSI curve’s value will likely increase.

Overall, the MACD indicator is neutral, which means that it neither gives buy nor sell signals, while the RSI is not giving any buy signals.

Microscopic View

One key resistance for the coin is the horizontal line marked on the short-term chart. The coin attempted to overcome this resistance but was unsuccessful. Instead, it began consolidating in a range. The same kind of price movement is visible on the weekly chart. The coin’s prices will therefore increase if the price breaks this range. Overall, the short-term chart looks similar to the weekly chart.

Conclusion

Axie Infinity had formed support at $6.52. The investors can look forward to buying around these levels with a SL of $3.24 if they are looking to invest for the long term or else they can wait for the range breakout which may take place in the next few weeks.

Technical Levels

Resistance levels- $13.96  and  $18.59

Support levels- $6.49 and $2.98

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.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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