•AXS/USD is currently priced at $22.03 and has decreased by 19.06% over the past day
•The trading volumes have decreased by 28.68% over the past day
•The technical indicators suggest a bearish outlook for the near term.
Short Term View: Can the Axie Infinity bulls protect the price tumbling below $20?
The Axie Infinity price today is $22.03 USD with a 24-hour trading volume of $512,348,004 USD. Axie Infinity Token is down 19.06% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.3819 for the altcoin.
The crypto cart is still feeling the aftershocks of global economic turmoil and geopolitical worries. Rising inflation, hawkish central banks and a plunge in trading volumes have hit the crypto space hard, with Axie Infinity Token proving to be no exception to the norm. The altcoin has been left reeling as the surge in selling pressure has brought the bulls down to their knees, with the asset transacting significantly below the 20,50 SMA on the four hour chart. A continuation of the downtrend could bring the Axie Infinity price below the support level placed at $20. On the flip side, a herculean task lies ahead for the bulls as they look for ways to push the price towards the resistance placed at $27.
Long Term View for Axie Infinity Token
Axie Infinity is currently in a downtrend as the move came following five consecutive sessions of declines, with the most recent pushing price below support at $23. Looking at the chart, the 14-day RSI is reading off the charts and is currently tracking at 25.72, well into the oversold territory. The MACD indicator shows underlying bearishness having pushed the prices further down, with the red histograms gaining traction on the daily chart. The MACD and signal lines are transacting in the negative zone as well, with the gap widening between the two.
Conclusion
Axie Infinity price trend shows a high influence of bearish pressure that has been creating a new low every month, thus displaying a bear market phase. Hence the Axie Infinity Token is likely to continue falling in the near term.
Support: $20-$15
Resistance: $27-$35
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.