•AXS/USD is currently priced at $14.40 and has decreased by 1.42% over the past day
•The trading volumes have decreased by 25.54% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Is the downtrend coming to a halt for Axie?
The Axie Infinity price today is $14.40 USD with a 24-hour trading volume of $90,771,637 USD. Axie Infinity is down 1.42% in the last 24 hours. The trading volumes have decreased over the past day amid a shortage of buyers in the market whereas the Volume to Market Cap Ratio stands at 0.07566 for the altcoin.
With the huge influx of sellers and shortage of buyers in the market, Axie Infinity has taken its fair share of damage over the past few days. A huge bearish cloud seems to have taken hold over the market and has resulted in Axie Infinity’s price tumbling below the 20,50 SMA on the four-hour chart. On the downside, the continuation of the downtrend will take the Axie Price below the support level placed at $14. On the flip side, a move above the $15 resistance level would bring some much-needed respite for the investors, which could then act as a catalyst for further upside gains for the bulls to achieve.
Long-Term View for Axie
The MACD indicator for Axie Infinity is currently in the pessimistic range, with the red histograms continuously increasing in size on the daily chart. The MACD and signal lines are about to enter negative territory as well, with the gap widening between the two. The RSI is currently transacting at 35.69 and is fast approaching the oversold levels, which might lead to profit-taking in the short term. This indicates that the coin is likely to continue its descent in the near future.
Conclusion
The selling pressure has eased off a bit on the weekend after intense selling pressure was witnessed across the week. However, the momentum has still not turned bullish amid a shortage of buyers in the market. Hence, Axie Infinity is likely to follow the descending path in the near term.
Support: $14.20-$14
Resistance: $14.60-$15
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.