Axie Infinity is a trading game that is, developed on blockchain technology. The players on the platform partially own this platform. Axie Infinity allows players to collect, breed, and raise creatures inside the game. The AXS token is used as a tradable token inside the game and is used to buy and sell. Let us look at the technical analysis for AXS. Past Performance On July 01, 2021, AXS opened at $5.68. As of July 07, 2021, the closing price of AXS was $13.53. Thus, in the past week, the AXS price has been very volatile and, has increased by more than 100%. In the last 24 hours, AXS has traded between $12.64 – $16.61. https://ift.tt/3yBMLdM Day Ahead And Tomorrow At the time of press, AXS is trading at $14.43. The price has surged from the opening price of $13.53. Thus, the market has been in a bullish mode since the past week. On the daily chart, the MACD and signal lines are above the zero range. Moreover, we can see another bullish crossover by the signal line over the MACD line, with high volumes. Thus, the overall market momentum is bullish, and we can expect a price to rise for another day or so. However, both the lines have extremely rallied from the zero range, this is a sign of caution. Therefore, if selling pressure takes over the buying pressure, we might witness a clear breakout on the downside. The RSI on the daily chart is also in the overbought zone. It is at 85.89%. It has taken support from the 70% mark. Thus, it indicates that the buying pressure is mounting up in the market, and is taking over the selling pressure. Hence, we can expect the price to rise for some time. The price has clearly broken out of the Fibonacci pivot resistance point of $11.37. Which has acted as a strong resistance since April 2021. We can expect a retest at this pivot level, however, if the buying pressure remains the same, we might miss the retest also. AXS Technical Analysis As some of the oscillators have shown a bearish signal, we can expect the price to fall and test the first Fibonacci pivot support level of $11.37 soon. If the price breaks down from this level, it will highlight the support level at $9.89. The price has been tested and fallen from the FIB retracement level of $16.67. If the price rises above this FIB extension level in some time, this implies that the price uptrend is strong. In that case, the price upswing is likely to continue tomorrow as well.
The post AXS Technical Analysis: Expect the Price to Fall Slightly, Pivot Support Level of $11.37 to be Tested appeared first on Cryptoknowmics-Crypto News and Media Platform.
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