thecoinrepublic.com
- 1 The Axie Infinity was currently at $8.86, decreasing 1.64% during the intraday trading session.
- 2 The 24-hour low of AXS was $8.59 and the 24-hour high of AXS was $9.07.
- 3 The current Axie Infinity token price is below 20, 50, 100, and 200-Day EMA.
The pair of AXS/BTC was trading at 0.0003952 BTC with a dip of 0.92% over the intraday trading session.
Axie Infinity’s price analysis suggests that it is in a downtrend. Since the start of 2022, the token has been in a steep decline which indicates that the sellers were in control of the market. But buyers entered the market and helped the token to remain above the secondary resistance of $12.517. After September 2022, sellers took back the market pushing the token below its primary support and forcing the token to make its new 52-week low near the end of 2022. This indicates that the token was mostly dominated by the bears in 2022.
After the start of 2023, the token again started moving upwards with the support of bulls breaking its primary support and resistance on its way up. But after reaching its secondary resistance the token started declining because of the formation of an evening star chart pattern over the daily trading chart which indicates a strong trend reversal.
The volume of the coin has increased by 4.71% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of AXS, which represents a weakness in the current bearish phase and a possible reversal.
Axie Infinity Price Technical analysis
RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing AXS downwards. This suggests the strength of the current bearish trend. The current value of RSI is 37.36 which is below the average RSI value of 45.45.
The MACD and the signal line are decreasing but not showing a definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Axie Infinity price analysis suggests that it is in a downtrend.2022 can be said not so a good year for the token as the token was in constant decline throughout the year as the daily chart shows. Because of this, the token made its new 52-week low near the end of 2022. After the start of 2023, the token was rising constantly but after the formation of the evening star chart pattern over the daily chart, the token again started declining. The increase in volume shows the positive market sentiment towards the token. RSI and MACD both are decreasing and showing negative crossover over the daily chart which shows strength in the current bearish trend, as per the technical indicators.
Technical Levels
Resistance level- $10.788 and $12.517
Support level- $8.347 and $6.109