AXS Price Analysis: Axie Infinity bulls provide no discernible weakness

•AXS/USD is currently priced at $6.90 and has increased by 0.55% over the past day

•The trading volumes have decreased by 35.39% over the past day

•The technical indicators suggest a neutral outlook for the near term

Short Term View: Axie Infinity bears provide underwhelming response

Source: AXS/USD by TradingView

The Axie Infinity price today is $6.90 USD with a 24-hour trading volume of $46,926,454 USD. Axie Infinity is up 0.55% in the last 24 hours. The trading volumes have decreased over the past day amid a shortage of demand for the altcoin whereas the Volume to Market Cap Ratio stands at 0.06812 for the altcoin.

Axie Infinity has displayed dodgy price action over the past month, with an immense struggle between the bulls and bears to establish a foothold in the market going on. The bulls have endeavored to take initiative in recent days and that has pushed the Axie Infinity price to transact above the 20,50 SMA on the four hour chart. The resistance for the asset resides at $7 and it’s breach will result in a huge influx of buyers in the market. On the flip side, the support level is placed at $6.80 in the event of a trend reversal.

Long Term View for Axie Infinity price

Source: AXS/USD by TradingView

Axie Infinity has displayed some choppy price action over the past few weeks as the momentum has swayed towards the bears and bulls simultaneously. The green histograms on the daily chart depict that an uptrend is at play in the market. However, the MACD and signal lines continue to transact in the negative territory and it remains to be seen if the bulls will be able to support the cause. The RSI, on the other hand, stands placed at 40.88 as the bulls look to have strengthened their resolve.

Conclusion

Axie Infinity bulls have kept their cool amid the chaos in the market and have steered the asset clear of the downside. A period of accumulation beckons for the altcoin before we can expect the bulls to stage a rally.

Support: $6.80

Resistance: $7

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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