Axie Infinity (AXS) has seen a significant drop in price for the past seven consecutive weeks, 12% on a monthly basis, and 40% from its recent peak. The downward momentum is further evidenced by the short-term trend going down below the 50 day EMA. AXS crypto has seen a range consolidation in recent weeks and saw a sizeable spike in buying volume at the beginning of January, which raised the price by 40%, however, the upward move was cut short with the bearish rejection candle from the supply zone. Prices have subsequently slipped below the lower range and have taken support at the $7.00 level and formed a hammer candle, suggesting buyers are active near the support level and are attempting to begin a bullish trend reversal.
In order to confirm the trend reversal and gain momentum, bulls will need to push the price above the $10.00 hurdle level. If the attempt fails, bears may again push the crypto price down towards the yearly lows. Technical indicators like the MACD and RSI are currently in the neutral zone, with the MACD showing signs of strength of buyers. While an immediate rebound might not be likely, should the overall market remain bullish for the coming months, a short-term relief rally is possible.
The current support levels for AXS are at $6.90 and $5.82 respectively, while to regain the momentum, the resistance levels stand at $10.00 and $13.96. It is important to do your own research when investing in or trading cryptocurrency, as the risk of financial loss is high.
Alina Sanders
- 2023-04-01
A Look at AXS Crypto Price Drop
Axie Infinity's (AXS) price has declined 12% in the past month and 40% from its peak in recent weeks. A hammer candle suggests buyers are attempting to initiate a bullish reversal, however, bulls are struggling to push the price into the $10.00 resistance level.
