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- Axie Infinity Crypto price had formed a bullish reversal candle from the important support level of $6.00
- AXS price may see trend reversal if bulls succeed to reclaim 50 day EMA in coming sessions.
Axie Infinity price is trading with mild bullish cues and formed a bullish reversal candle from the support level of $6.00. As per coinglass, In the last 12 hours, AXS long and short ratio stood at 0.99 which indicates neutral sentiment in the token. Currently, AXS/USDT is trading at $6.40 with the intraday gains of 1.11% and 24 hour volume to market ratio stood at 0.1104
Initial signs of bullish trend reversal ?
On a daily time frame, Axie Infinity Crypto prices had been in downtrend and bulls were struggling to defend the recent lows. From the past couple of weeks AXS prices are trading sideways in the range between $5.85 to $9.00 and likely to see expansion on either side soon. In December, bulls attempted to break out of the higher range with a strong bullish candle but unfortunately it resulted as a trap and slowly and steadily buyers lost all its previous gains. As of now prices are near to $6.000 support level and showing signs of upside reversal.
The 200 day EMA (green) sloping downwards indicates a trend to remain weak on a positional basis and the 50 day EMA (yellow) at $7.36 will act as an immediate hurdle in coming days followed by next at $ $9.00 and $11.00. On a lower side, $5.85 will act as a savior for bulls and if prices slipped below $5.85 bear’s may drag the prices further down towards $4.03 levels. The MACD line is reversing upwards and may try to generate positive crossover in coming days which will provide more confidence to bullish investors. Meanwhile, The RSI at 41 also denotes bullishnes may continue in coming days.
Relief rally in coming days ?
On a lower time frame, AXS prices are mildly bullish and bulls are trying to defend it’s recent lows. From the past couple of days, prices were slipping down while forming lower lows swings indicates bear’s are still dominating on higher levels but recently buyer’s took support at $6.000 and showing initial signs of bullish trend reversal. The supertrend indicator had also generated a buy signal indicating a short trend may reverse in the favor of bulls but price confirmation is still awaited.
Summary
Axie Infinity price has been in a downtrend and bulls were struggling to defend the recent lows at $6.00. As per technical analysis, prices are showing some initial signs of trend reversal but confirmation is still awaited. As of now, aggressive traders might look for buying opportunities for the target of $8.00 and above by keeping $5.85 as SL. However, if prices slipped below $5.85 we may see further downside towards $4.03
Technical levels
Resistance levels : $9.00 and $11.04
Support levels : $5.85 and $4.03
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.