•AXS/USD is currently priced at $50.56 and has increased by 1.30% over the past day
•The technical indicators suggest a positive outlook
•The trading volumes have increased by 5.63% over the past day
Short Term View: Axie Infinity on the way to capture its highs
The Axie Infinity price today is $50.56 USD with a 24-hour trading volume of $237,575,793 USD. Axie Infinity price is up 1.30% in the last 24 hours. The trading volumes have increased over the past day, suggesting increased investor activity. The Volume to Market Cap Ratio, on the other hand, stands at 0.07714.
After reaching its all time high of $165.37 on November 6,2021, the altcoin has been in a downward spiral since. The resurgence of the altcoin can be attributed to the significant buying pressure that it has been able to muster up. Both the 50 and the 20 SMA of a 4-hour chart are currently below the price of Axie Infinity price, indicating that the trend is still facing upwards and that the price of the altcoin could keep surging ahead in the coming days/weeks. If that were to happen, the altcoin would encounter resistance at $53. In the event of the bears staging a comeback, the support is placed at $48.8.
Long Term View
The technical indicators for Axie paint a bullish picture. The RSI currently stands at 49.89 and looks poised for a surge ahead. The green histograms on the daily MACD indicator are increasing in size as well, signifying the strength of the bulls. The MACD line is steadily approaching the positive territory, a move which would solidify the position of the bulls even more.
Conclusion
Axie Infinity price has been moving in a downtrend trend since reaching its all time high. The breakout from the consolidation range that has developed over the past month, however, could lead to a boom in trend. Moreover, the recent higher low formation indicates a bullish breakout.
Support: $48.8
Resistance: $53
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
