- Token bounces from the demand zone with strong bullish momentum.
- The pair of AXS/USD is trading at the price level of $6.69 with a gain of 2.45% in the past 24 hours.
During the 2021 bull run, Axie Infinity and the AXS token exploded , rising from roughly $5 at the end of June to an all-time high of $165 – a 3,200% rise – in November 2021.
The cryptocurrency, however, has subsequently fallen owing to a variety of causes and concerns in the ecosystem, as well as the crypto winter and macroeconomic circumstances.
Can bulls dethrone bears?
Overall, the token is in a downtrend, with bears pushing the price down and forming lower highs and lower lows. According to the daily chart, AXS is presently trading at $6.69, up 2.45% in the last 24 hours. It is now trading below its key Moving Averages (50 and 200 EMA). On the chart, we can see a Descending triangle pattern forming, indicating that the token has gained bullish momentum from the demand zone.
Relative Strength Index: The asset’s RSI curve is presently trading at 47.12 and is approaching the 50-point level. The RSI curve has crossed above the 14 SMA, indicating bullish momentum. The rise in the price of tokens has increased the value of the RSI curve. If the bullish trend continues, the RSI curve may rise even further.
Analyst view & Expectations
The demand zone has provided substantial support to the token, and we can see a rebound from it. This bullish momentum, however, does not signify a change in trend. Token should break the descending triangle pattern, cross above the 50 EMA, and sustain for the short-term bullish trend. Intraday traders have a good chance to go long and short if the token breaks out of the Descending triangle pattern in any direction.
According to our current Axie Infinity price prediction, the value of Axie Infinity is expected to climb by 14.62% over the next few days, reaching $ 7.64. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 29. (Fear). Over the previous 30 days, Axie Infinity has 13/30 (43%) green days and 10.95% price volatility. According to our Axie Infinity forecast, now is a good time to buy Axie Infinity.
Technical Levels
Major support: $5.90
Major resistance: $7.20
Conclusion
Token has recovered from the demand zone and is on the verge of breaking out of the Descending triangle pattern. Investors may either wait for the breakthrough or buy now, as the token has been showing significant bullish momentum in recent days.
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.
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.
Source: https://www.thecoinrepublic.com/2023/01/10/axs-technical-analysis-token-hits-the-support-level-twice-whats-next/