AXS Price Analysis: Will AXS Price Fall Further This Year?

• The Axie Infinity coin has been bearish for a long time this year.
• It is trading at $4.21 with an intraday drop of 2.09%.
• The token is down by 97.46% from the all-time high.

The AXS token marked its yearly high of $13.83 in the month of Jan. By far, the price has been under a bearish trend. The value of the token has declined by almost 52% in the last 6 months and 29.72% in the last 3 months. 

The token recorded its all-time high on 7th Nov 2021 when it was priced at $165.37.

It is currently trading with a repulse of 25.3% in the daily trading volume.

The market capitalization of the token is $595.22 Million. It has a circulating supply of 141.31 Million AXS which is 52.34% of its total supply. The 24-hour trading volume of the AXS coin is 17,28 Million.

Sentiment Analysis

The total market volume of the token has decreased by 28.7% in a week. Social engagements dropped by 7.88% and the total bullish sentiments increased by 30.42%.

Overall sentiments indicate a bearish movement as the volume has declined and the social community is becoming inactive. The bullish sentiments are negligible until the volume starts to increase and the community of investors engages in the market of the token.

Technical Analysis Of AXS ( Daily-1D ) 

The price got bearish after it started to move below the 50-day EMA after coming down from the price level of $6. After that, the price took support from the $4.1 support level and made a symmetrical triangle pattern in the daily time frame. The price got bearish again after getting a breakout from the bottom of the triangle. It is currently taking support from the same support level of $4.1 and it is likely to move upwards again after taking this support.

The volume has to be increased at the support level for a good upward movement. The bears have been pushing the price down for a long time. It is the time for the bullish investors of the community to come into action and take the price up. If bulls enter the market, the first target for the price will be $4.8 resistance and then $5.7 resistance.

However, If the price breaks down below the support level of $4.1, it can fall further and continue its downfall.

What Do Indicators Say About the AXS Coin

Relative Strength Index (RSI)

The RSI line is presently moving at 36.86 points and the SMA 14 is moving at 45.82 points. Both are moving below the neutral level of 50. RSI will soon enter the oversold region. The price might get bullish from there and buying activity will be started in the market of the token.

Moving Average Convergence/Divergence (MACD) 

The fast blue line moving average is moving below the red slow line moving average. The histogram is showing falls in the volume, which is a negative sign for the price action.

AXS LIVE CHART

Conclusion

The analysis of the AXS token shows that its price is currently under a bearish scenario and the volume is not getting increased. The price has to take support from the $4.1 level with a sizable volume so it can move bullish. If the price loses the support of $4.1, it can fall further downwards.

Technical Levels

Support: $4.1

Resistance: $4.8, $5.7 and $6

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.