As the market prepares to rally towards the $20 mark, Axie Infinity has shown considerable strength against USDT (tether). Bitcoin’s (BTC) price continues to fluctuate, despite occasional surges. It has been hard to break the $15 mark for AxieInfinity (AXS), but this could change.Data from Binance
Axie Infinity’s (AXS), Price Analysis on The Weekly Chart
AXS’s price has dropped from $70 to $10, and it is even struggling to stay afloat during the bear season. Recent price movements of AXS showed some hope. It rose from $13 – $15 with more buyers.
The weekly low for AXS was $11. It then rebounded to $14, but it encountered resistance and failed to break above. AXS’s price is still above $13, proving that it remains of value to buyers.
AXS moved to $15 from the region. The price is looking promising with high volume before the weekly close.
AXS’s weekend volume could continue, and AXS may face resistance around $20.
Weekly resistance for the price of AXS – $20.
Weekly support for the price of AXS – $13.
Prices Analysis of AXS on the Daily (1D), Chart
AXS dropped to $13 per day, but the daily chart showed good support. The price rose back to $15 and a large volume of buyers helped it to rebound.
AXS must break through the $16 resistance level in order to remain bullish. This means that more buy orders are required.
AXS currently trades $15 lower than the Exponential Moving Averages 50/200 (EMA) prices. AXS will not rise further if it is priced at between $16-30 and $30 (corresponding to the 50- and 200 EMA).
Daily (1D) resistance for the AXS price – $16, $30.
Daily (1D) support for the AXS price – $13.
Prices Analysis for AXS on The Four Hourly (four-hourly) Chart
After rebounding from $13.5 support, AXS’s price in the 4H has continued to be bullish as it rallied up to $15.
AXS needs to continue with its bullish momentum as it faces its major resistance at $16.6; this price corresponds to the 50% Fibonacci retracement mark acting as resistance for AXS’s price.
AXS’s price could rise to $20 if the resistance level of $16.6 is broken with convincing volumes.
Relative Strength Index (RSI), for 1INCH, is over 50. This indicates that there was a lot of buy orders for the price.
Four-Hourly (1H) resistance for the AXS price – $16.5.
Four-Hourly (1H) support for the AXS price – $13.5.
Featured image from Yahoo. Charts from TradingView.com