Axie Infinity is a trading game that is built 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, used to buy and sell creatures. Let us look at the technical analysis of AXS. Past Performance On July 03, 2021, AXS opened at $6.08. As of July 07, 2021, the closing price of AXS was $16.49. 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 $11.84 – $18.93. https://ift.tt/3ibk3tF Day-Ahead and Tomorrow At the time of press, AXS is trading at $18.23. 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 rangers, 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 82.89%. It has made new support at the 72% 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. However, a trader should always wait for RSI to cool off a bit and then take any position. The price has broken out of the Fibonacci pivot resistance point of $11.30. Which has acted as a strong resistance since April 2021. The price broke and retested this level on the daily chart. AXS Price Analysis As we expect the RSI signal to cool off a bit, we can expect the price to fall and test the first support level of $16.40 soon. If the price breaks down from this level, it will highlight the support level at $15.17. The price has tested and risen from the FIB retracement level of $16.40. Currently, the price is at its all-time high, this implies that the price uptrend is strong. In that case, to take any long position, wait for a retest/pullback and wait for a confirmation candle before taking any trade.
The post AXS Technical Analysis: Expect the Price to Fall and Test the First Support Level of $16.40 Soon appeared first on Cryptoknowmics-Crypto News and Media Platform.
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