- 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.
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.
Recommended Content
Editors’ Picks
Shiba Inu price stagnancy brings investors’ losses to a 28-month high
Shiba Inu has been rather dormant these past four weeks, which is bearing a negative impact on the investors. The meme coin market has been struggling to make headlines as the lack of increase in altcoin’s market value has left investors in peril, which is now driving them to pull back and wait until SHIB starts rising again.
LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier
Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants. However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.
THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range
THORChain is testing a crucial multi-month obstacle after a remarkable climb. The move has completed the altcoin’s recovery rally following the 15% fall of September 27. RUNE has outperformed the broader market, with Bitcoin and Ethereum recording only up to 3% in daily gains.
Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability
Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.