Axie Infinity Price down 12%, Will AXS price see rebound?
- Axie Infinity price down by 12% on a monthly basis.
- AXS price trading below the 50 and 200 day EMA showcase downtrend.
- Axie Infinity crypto price seems to be getting stuck into the narrow range.
Axie Infinity price fell 12% on previous month and down by 40% approx from the recent peak. AXS price is slipping down by forming lower low swings and has dropped below the 50 day EMA showcase short term trend is in downward direction.
Axie Infinity price seems to be lacking momentum on the higher levels and getting stuck into the narrow range of consolidation. However, prices might show a sharp up move if bulls succeed to regain the 50 day EMA.
Axie Infinity price is trading at $8.36 with an intraday decline of -0.24% and 24 hour volume to market cap ratio is at 0.0409. The pair of AXS/BTC is trading at 0.0002945 with an intraday rise of 0.07% which shows minor divergence between the direction of both the pairs. At the mid of January, AXS crypto witnessed a massive spike in the buying volume and price surged 40% on a single day which created hope for the rally.
However, Axie Infinity price failed to give the follow up momentum and formed a bearish rejection candle from the supply zone. Later, prices consolidated for a few weeks near the supply zone in the hope of upward range expansion. Sladly, prices drop below the lower range and begin to decline in the downward direction.
Will Axie Infinity Price see a turnaround?
Source: AXS/USDT daily chart by TradingView
Axie Infinity price took support at $7.00 and formed a hammer candle which shows the signs of bullish trend reversal. However, the confirmation of the trend reversal will come when bulls succeed to break out of the $10.00 hurdle level. On the other hand, if the prices faced rejection from the supply zone then bears might again try to drag the prices down toward the yearly lows.
The technical analysis suggests AXS price is downtrend and the probability of the sharp rebound is low. However, if the overall market remains bullish then we might expect a short term relief rally in coming months.
AXS price defend the previous low
AXS price declined for the past seven consecutive weeks and hit a low at $6.88. However, from the last few weeks Axie Infinity price is defending its previous lows and showed a decent recovery of 20% approx. It indicates buyers are active near the demand zone.
The technical indicators like MACD have generated a positive crossover indicating strength of buyers and prices are likely to trade with the bullish bias. The RSI at 47 denotes neutral zone and balance between bullish and bearish positions.
Conclusion
Axie Infinity price fell 12% on a monthly basis and lost all its previous gains. AXS price is in downtrend and struggles to climb above the 50 day EMA to reverse the short term trend. The technical analysis suggests Axie Infinity crypto price is in bear grip and the probability of the sharp rebound remains low.
Technical levels
Resistance levels : $10.00 and $13.96
Support levels : $6.90 and $5.82
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.
