- The Axie Infinity price is struggling between the 20-day and 200-day moving average.
- Axie infinity has formed a descending triangle on a daily timeframe.
Axie Infinity’s crypto price declined by 25% in January which shows the profit booking. The AXS price has been in a strong bullish trend from October to December, but the trend was disturbed near the $11 mark and selling pressure was observed.
Still, there are indications that the price may be on the rise. The 100-day exponential moving average (EMA) level, which serves as a dynamic support, was where it recovered. The price has closed above the 100-day EMA, which is presently at $7.13, for the last three days. It suggests that the bulls are holding this level and halting any additional decline.
The Axie Infinity crypto price is trading at $7.08 with an intraday gain of 0.71%. The market capitalization of AXS crypto is $967.41 million and the 24-hour trading volume is $55.19 million. According to the market cap, the Axie Infinity ranks 66th in the cryptocurrency market.
Axie Infinity Price Has Formed Descending Triangle Over 1-D Timeframe
On a daily time frame, the Axie Infinity price has formed a descending triangle. Currently, the Axie Infinity crypto price has formed a hammer candlestick pattern on the 200-day moving average and the next candle is positive.
If the AXS price slips below the 200-day EMA and sustains, selling pressure can be observed and it may reach $5.47 in the next few days. However, if the AXS price fails to defend the $5 hurdle, bears may become confident and a bearish trend can be expected.
On the other hand, if the Axie Infinity crypto price gives a breakout from the descending triangle and surpasses the 20-day moving average, buyers may lift the price to the $10 mark soon. If the buyers remain strong and spend some time near the $10 hurdle and give a positive breakout, the ASX price may reach a 52-week high in the next few months.
Axie Infinity Price Forecast Based on Technical Analysis
According to the data on February 02, 2024, the Axie price prediction sentiment is bearish with 18 indicators signaling a bearish signal while 12 signaling a bullish momentum.
Axie Infinity Price Prediction FAQs
What is the AXS price prediction today?
Axie Infinity’s price is predicted to gain 0.43% to reach $7.06 by today.
What is the AXS price forecast for tomorrow?
According to our analysis, the Axie Infinity price is forecasted to gain 7.55% to hit 7.26 by tomorrow.
What is the Axie Infinity crypto price prediction for this week?
Based on our technical analysis, the AXS price is forecasted to perform bullishly. The AXS price may range between $7.08 to $8.14 by this week.
What is the AXS price forecast for next week?
The Axie Infinity price action suggests that the price may remain bullish and may range between $8.14 and $9.21 by next week.
Conclusion
Based on the technical analysis, Axie Infinity crypto’s price is currently struggling between the 20-day and 200-day moving average. It has formed a descending triangle on a daily timeframe. However, there are indications that the price may be on the rise as it has closed above the 100-day EMA for the last three days. If the AXS price slips below the 200-day EMA and sustains, selling pressure can be observed and it may reach $5.47 in the next few days.
Technical Levels
Resistance Levels: $8.00 & $10.50
Support Levels: $7.00 & $5.50
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.