AXS Price Analysis: Will AXS maintain gains above $7.00?

• AXS token shows a narrow range move from the past trading sessions.
• Bulls struggling to escape above 20 day EMA.

AXS, the native token of Axie Infinity, was hovering near the important mark of $7.00 in the past few trading sessions. The price action showed the lower lows sequence and maintained the gains near the support mark of $7.00. Bulls tried to regain momentum but remained in a narrow range consolidating below 20-day EMA.

Moreover, the chart shows a double bottom formation near the secondary support of $6.50, but the neckline was not crossed by buyers and soon rejection led to the drop in token price.

The price action was not favouring buyers because the token was trading below the significant moving averages and struggled to attain a 20-day EMA multiple times.

When writing, the AXS token trades at $7.05  with an intraday gain of 3.07% showing bullish indications. Moreover, the pair of AXS/BTC is at 0.000260  BTC, and the intraday trading volume increased by 6.70% to $85.61 million. The day high of AXS is $7.078, and the daily low is $6.811. The market cap of AXS is $429.29 Million.

Daily Charts of AXS token

On the daily charts, the AXS token stayed in a narrow range and traded below the downward-sloping trendline and the token was getting multiple time rejections from the supply mark of $9.00 and sellers threw back towards the support mark.

However, the trajectory swings are showing that the AXS token has a strong support mark of $6.00 which bulls defend multiple times in the past days and take a bounce from there, whereas the same goes on the top where the firm resistance mark of $8.50 was unable to surpass and token trades below the range. 

Furthermore, if any breakout above the range was there, then strong decisive moves will be seen on either side. While the sellers showed their dominance in the past sessions.

What AXS suggests on short term charts?

On the 4-hour charts, the AXS token shows a narrow range move and bulls are trying to surpass the 20-day EMA soon.

The RSI is starting to rise above the neutral mark of 50 but not favouring a giant move. Meanwhile, there is a positive crossover shown on the curve, but the price on the charts not suggesting a giant move in the near sessions.

The MACD starts to form green bars indicating that fresh buying in the token is started and positive outlooks will happen in the upcoming sessions.

Conclusion:

AXS token has traded in a narrow range and is willing to break the range above 50-day EMA.

Technical Levels:

Support Levels: $6.00

Resistance Levels:$7.30 and $8.00

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 assets comes with a risk of financial loss.