Will Axie Infinity (AXS) Coin Continue Its Bearish Rally?

• The AXS coin consolidates between the $5.12 and $4.08 levels while trading in a downtrend.
• The coin’s price faced resistance from 20-day and 50-day EMAs and is currently performing below 20, 50, 100, and 200-day EMAs.

The Axie infinity (AXS) coin was launched in November 2020. It is an Ethereum network-based token that powers Axie infinity. It is also a game where players battle, collect, and build a kingdom for their pets based on blockchain technology.

Axie Infinity (AXS) Coin: Technical Analysis

In the last 24 hours, the AXS coin’s price has increased by 1.94%. The current trading value of the coin is at $4.53 with a 24-hour trading volume of $19,657,699, which shows a decrease in the volume by 2.49% since the last trading session. The current market capitalization of the coin stands at $640,344,335. Additionally, the coin has a circulation supply of 141,310,958 AXS.

Technical Analysis of AXS Coin

In the wider outlook of the chart, the price is trading in a bearish structure. The price has strong resistance to the trendline forming above. It also made support at the $4.08 level preventing it from falling further.

The price is currently trading in a range between $5.12 and $4.08 level after breaking down the previous low. In the last two trading sessions, the price has formed a small bullish candle at $4.43 reflecting the buyers’ interest.

If the AXS coin’s price gives a breakout of the trendline, the price may start rising toward the resistance at the $5.12 level. If it also breaks above that level then, it may reach the next resistance at the $6.12 level. On the other hand, for the price to continue bearish momentum, it should close below $4.08. After that, it may fall to the $3.35 level. 

Technical Indicators on the AXS Chart

The AXS coins price faced resistance from 20, 50, and 100-day EMAs. The  200-day EMA trades far above the current price level, indicating that the bears have taken over control of the token price price. 

On the other hand, the RSI line is sloping toward the 50 mark from the oversold region. It is trading at the 46.44 level, which indicates bullish divergence. It means bulls are approaching the current price level. 

Conclusion

The AXS coin’s price is continuously trading in bearish momentum by forming swing low and lower high. If the AXS coin’s price gives a breakout of the trendline, it may be seen rising toward the resistance at the $5.12 level. If it also breaks above that level then, it may reach the next resistance at the $6.12 level. On the other hand, the bearish momentum may continue if the token price closes below $4.08. Thus, it may fall to the $3.35 level. 

Technical Levels

• Resistance Levels: $5.12 and $6.12
• Support Levels: $4.08 and $3.35

Disclaimer

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