The Axie Infinity crypto had achieved its highs just a couple of months ago while the traditional cryptos and the DeFi space were consolidating heavily. As the NFT’s geared up, many tokens formed a new ATH around the same time. AXS on the other hand showcased its immense strength by hovering around the ATH for quite a long time.
But at the beginning of December 2022, the rally flipped into a bearish well. The price dropped more than 57% from its highs and is showing no possibilities of a flip shortly. While some of the NFT’s like Decentraland, The Sandbox, Enjin Coin, etc are attempting to break the bearish trend, will Axie Infinity join the party? Or continue to visit lower levels? Let’s check it out!
Axie Infinity(AXS)/USDT Technical Analysis at a Glance
The AXS price is following a serious downtrend ever since it smashed its ATH during the mid of November 2021. It tried to consolidate a couple of times to prevent further loss, yet the bears were much stronger to break the consolidation and drag the price down. And as a result, the asset is down by nearly 8% compared to the previous day’s trade and may continue to form lower highs and lows in the next couple of hours.
|Short-Term||AXS price appears in a deep bearish well with no signs of a recovery or a flip. The downtrend is expected to continue throughout the weekend.|
|Mid-Term||In the mid-term, the price is attempting to rebound from the bearish divergence. Yet finding no strong momentum to reverse the trend|
|Long-Term||The selling pressure appears to have depleted to some extent and hence after a minor consolidation, a flip may be fast approaching|
Axie Infinity Technical Indicators & Pivot Points
|Indicators||Value (1Hr / 1D)||Action (1Hr / 1D)|
|StochasticRSI (StochRSI)||40.25 / 12.37||Neutral / Buy|
|MACD||-2.03 / -7.24||Buy / Sell|
|Bull-Bear Power||-0.13 / -30.91||Neutral / Neutral|
|Williams Percentage Range||-48.22 / -87.80||Neutral / Buy|
|Moving Average(MA) – 50||$81.08||$83.7|
|Moving Average(MA) – 200||$91.5||$109.15|
The Axie Infinity price appears to be in a deep well, yet attempting very hard to rebound at a greater pace. The current is changing its trend from being within an oversold region or sell to being neutral. The StochRSI in the long term is pretty bullish as it has dropped to the lower levels and is attempting to surge towards the north. However, in the short term, it’s pretty neutral and hence the consolidation may continue for some more time.
The Bull-Bear power in both short-term and long-term both are neutral signifying the market is not superseded with either bulls or bears. And hence the next move may decide whether the bears will take back control or bulls succeed to uplift the price. On the other hand, Williams Percent range indicates the overbought or oversold state of the asset is neutral in the short term yet bullish in the long term.
Coming to the pivot points, both the 50 & 100 MA levels are acting as strong resistance levels both in the short & long term. While the resistance levels in both cases are pretty high, then a notable uptrend could be set in place. And hence a slight change in the trend may ignite with a notable upside trajectory that may escort the price towards the resistance levels.
Axie Infinity(AXS) Technical Analysis for the Week
Axie Infinity amazed the crypto space with a huge 44K% in 2021. Yet the asset also experienced a notable drain in the last quarter of 2021 which continued since the beginning of 2022. The AXS price broke down from its strong support levels close to $90 and plunged heavily during the previous day’s trade. No doubt the asset tried to prevent further loss and consolidated for a while, yet the bears geared up and dragged the price down.
Source: Tradingview Date: 07-01-2022 Time: 4:00pm
- The AXS price soon after reaching its highs began trending within a descending channel and with the fresh plunge, the price is heading towards the lower support levels
- Yet the price is attempting to continue to hold along the middle bands, yet no strong momentum is displayed that could reignite with a notable uptrend
- The price during the recent crash broke down from the uptrend line, and currently, to get back into the race, the asset needs to surge beyond the trend line initially and later break through the descending parallel trend
- Yet the strong resistance resides along the 200-day MA levels around $110 and a jump above these levels could validate an uptrend.
Axie Infinity(AXS) Technical Analysis for Today: 07 January 2022
The AXS price consolidated for nearly a week and suddenly initiated a deep plunge since the beginning of the previous trading day. Despite the consolidation, the trend continued to move towards the south. Yet the price is attempting to rebound from the past couple of hours with a decent buying volume. Yet the asset is yet to confirm with the uptrend and that may happen once the asset surpasses the 50-day MA levels around $80.
The market is pretty uncertain at the moment and the volatility is also pretty negative. And hence during these times, even if the asset flips and attempts a rebound it may be only for a short period. A huge influx of buying volume is required to break from the downtrend or a depleting consolidation. And hence the upcoming weekend may be pretty crucial for the asset as a major change may be on its way.
Where & How to buy Axie Infinity(AXS)
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