Axie Infinity (AXS) token price is trading near the demand zone of $5.00 and is trying to surpass the trendline of the symmetrical triangle pattern existing near $6.00 in the past sessions. However, the chart still shows a lower low structure, favoring the sellers because of the short buildup activity noted on the charts. The price action indicates that the AXS token price is trading below the key moving averages, corrected from the top of $10.00 in the past weeks.
Moreover, the trajectory of the token still showcases that if any breakout happens, the price will face multiple hurdles near $6.25, followed by $6.80.
However, the token price holds the gains and trades with lower volumes for the past sessions inside the pattern.
The chart suggests that the AXS token price has underperformed in the past months and is looking to retest the neutrality near $8.00, and buyers are attempting a trend reversal. Due to the excessive short buildup, buyers faced pressure and could not stretch the gains beyond the trendline of $6.00.
At press time, the Axie Infinity token price is trading at $5.85 with an intraday gain of 0.37% showing neutral indications on the charts. Moreover, the trading volume increased by 5.59% to $80.38 Million, and the pair of AXS/ BTC is at 0.000200 BTC. However, the market cap of AXS token is $356.02 Million.
The day high of the AXS token is $5.888, and the day low is $5.625 indicating narrow range moves in the intraday session.
AXS Price Action On Daily Charts
The AXS token price forms a symmetrical triangle pattern on the daily charts and is on the verge of registering a decisive move in the upcoming sessions. However, the battle is at an exciting stage where bears and bulls are trying to stretch, and the fight continues.
From the start of 2023. AXS token price has lost the gains and corrected over 60%, showing strong bearishness on the charts. Furthermore, the sellers have gained momentum and maintained a firm grip at every cluster.
As per the Fib levels, the AXS token price is trading near 23.6% and trying to sustain it. However, the price is near the lower bollinger band showing a negative outlook on the charts.
What Technical Indicators Say?
On the 4-hour charts, the AXS token price has formed a descending triangle pattern and is trading near the lower neckline of $5.60.
The RSI curve stayed near 50 showing neutrality and forming a positive crossover on the charts. However, the curve is close to the signal line indicating a consolidating chart structure.
The MACD indicator persisted in forming green bars, and a bullish crossover was noted, indicating a positive outlook.
Conclusion:
Axie Infinity token (AXS) price is trading below the significant moving averages and showing a negative outlook for the past sessions. However, buyers are trying for a breakout above the trendline of $6.00 and accumulating the token.
Technical Levels:
Support Levels: $5.00 and $4.60
Resistance Levels: $6.00 and $6.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/08/will-axie-infinity-axs-price-move-out-of-the-cage-above-6-00/