AXS Price Analysis: Axie Infinity stumbling in its road to recovery
•AXS/USD is currently priced at $20.68 and has decreased by 1.62% over the past day
•The trading volumes have increased by 52.42% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Axie Infinity bulls clean off the surface
The Axie Infinity price today is $20.68 USD with a 24-hour trading volume of $459,646,726 USD. Axie Infinity is down 1.62% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.365 for the altcoin.
Most altcoins have taken quite a beating during the current bear market. Axie Infinity Coin is no different, having corrected from its all time high of $165.37 on Nov 06, 2021 to $20 this month. The asset is left reeling from the after effects of the recent market crash as it trades below the 20,50 SMA on the four hour chart. The bears have put their foot down the gas pedal and will be looking to target the support level placed at $18.50 whereas the bulls will be ok the lookout for any gains to be had. In the event of the bulls staging a comeback, the altcoin could encounter resistance located at $25 as Axie Infinity looks to make a dash for recovery.
Long Term View for Axie Infinity Coin
The technical indicators for Axie Infinity reinforce the bearish argument as the RSI indicator is currently transacting at 33.90 after having recovered slightly from its oversold positions. The histograms have turned green as a result of bullish crossover occuring on the daily MACD but the momentum is yet to pick up pace. The MACD and signal lines are still transacting in the negative zone.
So far there has been no break in market structure for Axie Infinity on higher time frames. While the altcoin has stopped forming lower lows, it is yet to register a higher high and signal a change in sentiment.
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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