• AXS price action faces resistance between $70 and $75.
  • A failure to return to $77 could trigger a drop to $50.
  • Little to no support exists between $65 and $50.

Axie Infinity price action shows that bulls have difficulty pushing it back into bullish territory. AXS is presently up to $13.22 (+24%) from the flash crash low, but strong follow-through by the bulls has much to be desired. 

AXS price action looks stalled; bears can easily take control

AXS price action has been halted from making a return to bullish conditions by three primary technical data. 

The daily Kijun-Sen and Tenkan-Sen (both at $75.34) and a high volume node in the volume profile at $72.00. Another contributing factor is the Relative Strength Index tagging resistance at the first overbought condition in a bear market (55). 

While AXS is not in a bear market, it is essential to recognize that the RSI is halted up against 55. This is the first warning sign that the current bull run may be under threat from terminating. 

If the Chikou Span closes below the candlesticks (at or below $64), then AXS price will likely have a  swift move towards the next support level at $50. The volume profile thins out considerably between $65 and $50.

Axie Infinity US dollar price chart

AXS/USDT Daily Chart

While AXS price is near-term bearish, bulls shouldn’t be over discouraged yet. It will not take much to buoy AXS back into bullish territory. 

The bearish outlook will undoubtedly be canceled if bulls can rally AXS above the Tenkan-Sen and Kijun-Sen - ideally above the all-time high close of $82.30. There is a slight hidden bullish divergence between the candlestick chart and the Composite Index and that may be all the nudge AXS price needs to rally higher. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XLM Price Prediction: Stellar breakout to $0.57 remains strong

XLM price continues to pull back from the highs it made on Saturday. There are growing concerns regarding its ability to maintain its present momentum. XLM price has a very bullish set up on its $0.01/3-box Point and Figure chart.

More Stellar news

Dogecoin price attempts breakout while DOGE bulls eye $0.37

Dogecoin price has gained as much as 15% during the Monday sessions, outperforming nearly all significant cryptocurrencies. Roughly half of that gain has been retraced, but buyers show resilience in maintaining a stable trading range near ...

More Dogecoin news

Cardano price weakens as ADA targets $1.80

Cardano price has been a source of frustration for bulls and bears. Multiple setups and positions for bearish and bullish breakouts have been rejected, with the ultimate result being continued constriction in price action. 

More Cardano news

Shiba Inu warns of lower prices as SHIB might test $0.000022

Shiba Inu price has, in a surprise to many, maintained the majority of its huge rally. While Dogecoin killer Shiba Inu has made gains over 340% from the October open, it is still up over 280% despite the recent pullbacks. However, it could dip a little lower.

More Shiba Inu news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP