Worth of AXS Rests on a Key Assist Stage as Bears Step In

Based on the market monitoring web site CoinMarketCap, Axie Infinity (AXS) emerged as one of many few cryptocurrencies that witnessed a worth improve up to now day. At press time, AXS was buying and selling at $6.91 following an increase of two.78%.

This indicated that AXS was nearer to its each day excessive of $7.13 than its 24-hour low of $6.54. The value surge has additionally allowed AXS to strengthen its place in opposition to the market leaders, Bitcoin (BTC) and Ethereum (ETH), by roughly 4.62% and 4.53% respectively.

Regardless of this latest worth upturn, AXS’s weekly efficiency remained within the purple at -4.79%. Nonetheless, the altcoin had skilled a big surge in its 24-hour buying and selling quantity, reaching $88,984,466 – marking a bounce of over 170% over the past day.

From a technical perspective, the altcoin’s worth was in a position to break above the resistance stage at $6.85 earlier at the moment and flip it into help. Throughout the identical 4-hour cycle, AXS tried to do the identical with the subsequent resistance stage at $7.11 and was in a position to attain a excessive of $7.20, however closed the 4-hour candle again beneath the mark.

At press time, there was a bullish flag that was about to set off on AXS’s 4-hour chart, with the 9 EMA line trying to cross bullishly above the 20 EMA line. Ought to this cross occur inside the subsequent 24 hours, the crypto’s worth will most probably have the momentum wanted to flip the aforementioned $7.11 resistance into help.

One factor to notice, nevertheless, was that the RSI line on the 4-hour chart was bearishly sloped in the direction of oversold territory. If the RSI line crosses beneath the RSI SMA, earlier than the top of at the moment’s buying and selling session, it might end in AXS’s worth dropping beneath the recently-flipped stage at $6.85.

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