Axie Infinity Price Prediction: Will AXS Price Form a New Low?

• Axie Infinity price (COINBASE: AXS) slid 2.35% in the past day and it is currently trading at $5.96.
• AXS whale-holding data states that whales hold a massive 95.2% the supply with a decrease of 0.03% in past year.

AXS is a game on the blockchain where players own and operate NFT creatures called Axies. Axies have different traits and skills and can battle in 3v3 matches to earn exp points to improve their status or change their appearance. Axies can also breed new and rare offspring, which can be traded on the Axie marketplace.

AXS price is currently trading at $5.96 with a 2.35% decrease in the past 24 hours. According to CoinMarketCap data, AXS cryptocurrency holds a total market cap of $837.5 Million and ranks 48th in the crypto market. 

AXS token received $105.3 Million in volume in the past 24 hours, which is 90.96% more than the previous day. It has over 140.5 Million in circulating supply. The volume-to-market cap ratio of the AXS token is 12.61%, indicating low volatility in the market.

AXS Price Prediction Using Price Action Strategy

The Axie Infinity price reveals that the token seemed to be in a long-term declination phase and formed a new swing low in June 2023. The AXS price made a significant decline of nearly 36% and slid below its previous swing low to form a new low. Thereafter, the price recovered by forming higher lows and is following a rising wedge pattern in the daily AXS Chart.

The AXS token seemed to be recovering the declination by forming higher lows. However, the lack of momentum signaled a possible pullback rather than a reversal. Also, the volume received was lower than the average volume.

Recently, the price showed a breakdown of the wedge pattern and is currently trying to sustain above the 50 EMA.

Now, if the price fails to gain the support of buyers and declines, then it will invite sellers to enter the market and drag the price down to test the strength of buyers at the lower levels.

AXS Price Forecast from Indicators’ Point of View

As per the EMA analysis, the AXS price is trying to sustain above the 50 EMA which shows the short-term participation of buyers in the market. If the price breaks below 50 EMA, then it may continue its long-term trend. 

At the time of publishing, the RSI value of the Axie infinity coin is 45.68 and that of the SMA line is 51.38. RSI has started declining and is suffering resistance from the SMA line, which shows a negative sentiment dominating the market for now.

Conclusion

AXS price concludes that the price declined nearly 36% in June 2023 to form a new swing low. The token price then tried to recover but lacked momentum leading to the formation of a rising wedge pattern. 

Recently, the price showed a breakdown of the pattern and consolidated above 50 EMA which might be the last hope for buyers to be in the game. AXS price prediction states that now if the price breaks below 50 EMA,it may invite the sellers to dominate and drag the price to lower levels.

Technical Levels

• The support levels of AXS coin at $4.65 and $4.03
• The resistance levels of AXS coin at $7.45 and $8.60

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.