Can AXS Crypto Price Sustain 12.77% Upsurge Above Consolidation?

• AXS increased 12.77% during the weekly trading session.
• Technical indicators summary suggests a bullish signal in the current phase.
• The trading volume of Axie Infinity has declined by 43.82% in the last 24 hours.

Created in 2018, Axie Infinity (AXS) allows users to collect, breed, raise, battle, and trade token-based creatures called Axies. It is a blockchain-based trading and battling game inspired by Pokemon and Tamagotchi. 

The AXS token price has experienced bearish remarks since April 2024. The buyers, on the other hand, are trying their best to sustain the price above reasonable levels.

Upcoming Bullish Wave in AXS Crypto Price!

Like many popular cryptocurrencies, Axie Infinity price also had bullish upsurges in February and March 2024. The cryptocurrency collectively delivered nearly 60% positive profits during these months. However, the bears had strong congestion around the $13.46 supply level, which stopped the price from surging further.

Consequently, the above situation had an adverse effect on the price, resulting in over a 35% decline in April 2024. Despite facing adverse remarks with a huge bearish monthly candle, the AXS price gained support from the bulls in May and the current month. The buyers lifted the price above consolidation, indicating an upcoming wave.

Price to Volume and Social Dominance Analysis

Social sentiments strongly influenced the price before mid-April 2024, which can be observed in the chart. Afterwards, social dominance reflected a noticeable rise in social media platforms across the world, but the price remained unchanged. This shows the decreasing influence of social sentiments on AXS crypto price. Conversely, the volume shows an average of nearly $66 Million.

Technical Analysis of the Axie Infinity (AXS/USD)

The current price is moving above the key exponential moving averages (EMAs), reflecting a bullish trend. However, the death crossovers between the 50-day and 200-day EMAs created uncertainty in the current direction.

The buyers have shown their strength from the $6.36 extreme demand zone after the breakdown of the $8.89 support level. The price entered a consolidation phase with $8.41 as the upper and $6.36 as the lower levels. 

In the last three trading sessions, the price broke above the upper level, indicating a potential sign of a bullish reversal.

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Moreover, the relative strength index (RSI) is moving in correlation with the spot price momentum, reflecting a neutral perspective on the current phase. The RSI is heading toward 58.37 above the SMA line.

Summary

AXS crypto price has shown bearish sentiments since the end of March 2024. The buyers failed to hold the price above major levels during that time. This resulted in key support breakdown and price consolidation. Recently, the crypto price broke above the upper consolidation level, which could lead to a potential bullish reversal.

The immediate resistance for the AXS price was $8.89 at the time of writing, while the $6.36 level was the next support. If the price exceeds the upper resistance, a short-term rise in price can be expected. Likewise, a drop below the mentioned support level can lead to a price pullback to lower levels.

Disclaimer

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