Axie Infinity (AXS) Rallies By 23%; Are The Bulls Taking Over From Here?

• AXS’s price needs to rally high as the price continues to stall in its price movement despite the market looking green across boards.
• AXS’s price continues to trend below key support as the price tries to build more strength to overcome this area of resistance that has held the price from rallying.
• AXS’s price remains indecisive on the daily timeframes as the price trades below the 50 and 200 Exponential Moving Averages (EMA).

Axie Infinity (AXS) has recently struggled to rally like other altcoins, as the price continues to stall, with little hope of a rally to a high of $20. The crypto market has seen some relief across all assets, with Bitcoin (BTC) leading the way, rallying and dragging the market. Axie Infinity (AXS) has remained relatively slow in recent days, as buy orders have slowed due to the price encountering resistance to breaking higher. (Data from Binance)

Axie Infinity (AXS) Price Analysis On The Weekly Chart

Many altcoins have continued to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.

The beginning of the week appeared skeptical, but things are starting to shape up and look more promising for some altcoins, such as BAND, which rallied over 100% in less than 24 hours, demonstrating the price action and volume for buy orders. The price of APE has shown little volatility as it aims to break out of its shell with a rally on the horizon.

After dropping from its high of $170 in recent months with so much hype for AXS, the price of AXS has failed to replicate this movement to its all-time high as the price currently registers over 80% from its all-time high, with the price of AXS struggling recently to pull off a relief bounce from its weekly low of $6.

The price of AXS saw its price trade at a low of $6 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $10 as the price found itself trading in a range.

Weekly resistance for the price of AXS – $12.

Weekly support for the price of AXS – $6.

Price Analysis Of AXS On The Daily (1D) Chart

In the daily timeframe, the price of AXS continues to look strong as the price could be set to breakout of its long-range price movement to a high of $12.

The price of APE trades at $10.5, just below the 50 EMA, which indicates a good relief sign for AXS’s price on the daily timeframe could be poised for a major breakout if prices close above $12 after facing rejection to trend higher.

Daily resistance for the AXS price – $12.

Daily support for the AXS price – $8.5.

Featured Image From zipmex, Charts From Tradingview

Source