Axie Infinity price prediction highlights the bearish chart on the year to date time frame. Axie Infinity price is down by 5.12% over the past month. At present, the bears are in charge of the trend where they are maintaining firm command over the price action, although the bulls attempted to take control. Despite the bullish optimism, the buyers were unable to break above the 200 EMA, and bears regained supremacy over the price action on the 1-day chart.
Axie Infinity crypto is under the key exponential moving averages within the bears’ grasp. The price is facing resistance from the 50 EMA on the daily time frame. The price is facing substantial selling pressure in the supply zone which indicates that bears may push its value down further in the near future.
Technical indicators suggest that the bears hold the edge over the price action. The price pattern, oscillators, EMAs, and volume are moving in tandem, giving similar signals.
At the time of writing, AXS is trading at $4.3117537 with an intraday gain of 1.50%, signaling bullishness. Moreover, the trading 24-hour volume is 35.292 Million and the last 10 days’ average trading volume is $30.748K.
Technical Analysis of Axie Infinity Crypto Price in 1-D Time Frame
At the time of publishing, Axie Infinity crypto (USD: AXS) is trading above the 50 and 200-day simple moving averages (SMAs), which do not support the price trend.
However, if selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the AXS price is expected to move downwards giving bearish views over the daily time frame chart.
The current value of RSI is 46.88 points. The 14 SMA is above the median line at 39.93 points which indicates that the Axie Infinity crypto is bearish.
The MACD line at -0.0857816 and the signal line at -0.0897091 are below the zero line. A bullish crossover is observed in the MACD indicator which signals strength for the AXS crypto price.
Summary
Axie Infinity (USD: AXS) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the AXS crypto price. Axie Infinity price action suggests that the investors and traders are bearish on the 1-day time frame. The price action reflects a bearish perspective at the moment. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.
Technical Levels
Support Levels: $4.054 and $3.500.
Resistance Levels: $4.531 and $6.185.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
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/2023/10/21/axie-infinity-crypto-will-axs-break-avobe-the-50-ema-level/