Axie Infinity (AXS), which is a cryptocurrency, has seen a decline in price despite positive signs for Tether (USDT).
As a result of the “Merge” sentiments, this has led to many altcoins showing relief rallies and newer altcoins making all-time highs; the price of Axie Infinity has struggled to rally despite many expectations on AXS holders.
Merge is an upgrade of the Ethereum network’s Proof-Of Work (POW), to Proof-OfStake (POS), to improve its transaction efficiency. (Data feeds coming from Binance
Axie Infinity’s (AXS), Price Analysis on The Weekly Chart
As you can see, AXS prices fell to around $14.2 per week. However, they rebounded and reached $18.
As it meets resistance at $19.3, the price is gaining more momentum.
This structure could continue if the AXS price on the weekly charts rises, and it may quickly reach $18, which would be a strong support zone for bids to buy.
Weekly resistance for the price of AXS – $19.3.
Weekly support for the price of AXS – $14.
Prices Analysis of AXS on the Daily (1D), Chart
AXS’s price found support at $17.5. That seems to be an area that is of interest on the daily chart.
AXS has bounced back from support, and is now facing resistance at $19.3. AXS prices have been fluctuating within a channel. A breakout of this channel may send AXS prices to $28.
AXS currently has a $19.27 price, which is above the $17.5 50 Exponential Moving Average Price (EMA).
AXS’s price support at $17.5 could be held if AXS has a breakout. However, if AXS prices fall, then $17.5 (which corresponds to 50 EMA) will support buys.
Relative Strength Index for AXS price on daily chart is higher than 55. This indicates that AXS has received healthy bids.
Daily (1D) resistance for AXS price – $19.3.
Daily (1D) support for AXS price – $17.5.
Pricing Analysis of AXS on the Four-Hourly Chart (4H)
AXS prices have continued to fluctuate in a channel with resistance at $19.3.
AXS trading is above the 50 EMA and 200 EMA, with prices of $18.4 & $7.3. These are acting as support for the 4H charts in case AXS price falls due to weekend sell-off.
AXS prices could trend and break out of the range channel if they remain above 18.4 support with good volume. A sell-off in AXS would be supported by 50 or 200 EMA price levels.
Four-Hourly (4H) resistance for AXS price – $19.3.
Four-Hourly (4H) support for AXS price – $18.4, $17.3.
Featured image taken from Coin News, Charts by TradingView.com
