The popular NFT token remained pretty silent till the end of Q2 2021 and exploded to its highs beyond $160 very quickly. However ever since then, the asset is following a notable bearish trend by following a strong descending channel. The short-term flips from the bearish divergence are not positively impacting the price as the asset has slashed significantly for a long time.
|Short-Term||The short-term forecast is extremely bullish as the price appears to have rebounded from the lows|
|Mid-Term||The price is preparing to flip from the bearish trend and hence may attempt shortly|
|Long-Term||AXS price just reached the lower bands and is trying hard to sustain the flip from the bearish divergence.|
Additional Read: Axie Infinity(AXS) vs Decentraland(MANA)
The Axie Infinity price is somewhat bullish in the short-term but in the long term, the asset is extremely bearish. Multiple indicators are extremely bearish in the long term and hence a huge plunge may be imminent after a minor jump in the short term.
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||50.8 / 39.7||Neutral / Sell|
|MACD(12,26)||-0.871 / -3.4||Sell / Sell|
|Average Directional Index(ADX)||39.029 / 24.3||Neutral / Sell|
|Bull-Bear Power||0.86 / -12.09||Buy / Sell|
The RSI in both time frames is on or below the average levels. In the short-term, the price appears to be uncertain and hence is neutral while in the long term, it’s extremely bearish. On the other hand, the MACD is bearish in both time frames but in the short-term, some amount of buying volume is accumulated which may give an interim push to the price. Yet the ADX, the strength indicator, is neutral in STF but indicates a weakened rally ahead. Also, the bulls may take control presently but bears could dominate the rally very soon.
The current AXS price is around $49.56 is very close to the 50-day MA levels in the short term, which may be tested and cleared in a while. However, the next target would be the immediate resistance at $55.54, clearing which the path towards 200-day MA levels may be clear. Once these levels are cleared a strong uptrend may be certified which escort the price towards the long term targets of the MA levels. However, the support is pretty distinct and an acute plunge may lead its way down.
|Average True Range(ATR)||1.32||5.4|
The Ultimate Oscillator is a range-bound indicator that considers three different MA levels and lets out the overbought and oversold signals. In the short-term, the levels are stuck up in the middle but heading towards the north, hence bullish, while long-term, it’s extremely bearish. On the other hand, the Stochastic Oscillator which calculates the average of the price in a predetermined time frame is bullish in the short-term while bearish in the long term.
On the other hand, the volatility indicator ATR indicates less volatility in both the time frames and hence no drastic change may occur with the price. And CCI which is used to know the overbought or oversold or trend reversals and also identify new trends or extreme conditions is also bullish in STF and bearish in HTF.
Source: Trading View
Additional Read: Daily Crypto News, 22 February, 2022
Source: Trading View
The Axie Infinity price is maintaining a notable descending trend from the past many days and the recent plunge dragged the price much lower beyond the support levels. However, after hitting the monthly lows, the asset quickly flipped and is currently attempting to test the crucial resistance yet again. However, currently, the power of bulls and the bears appear to be pretty equal, and hence if any among both get exhausted, the other may thrive in the next couple of hours.
At the press time, the Axie Infinity(AXS) price is around $49.51 with a huge drop of 7.95% compared to the previous day’s close. The trading volume also remained dropped by more than 46%, recording half a billion while the market capitalization has plunged by more than 7%, yet registering above $7 billion.
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