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- Bulls are back and trend reversal has begun
- AXS gained 61.74% of trading volume in just 24 hrs.
- AXS/BTC pair is at 0.000754 BTC with a change of +4.72%
Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. Each Axie possesses six out of the hundreds of different potential body parts — each of which has its own battle move.
It looks like the AXS bulls have started supporting the token as the price is currently moving above the exponential moving average. Analysts believe that the past few days have been a great opportunity to buy the dip, as now the bulls are driving the market green.
The daily graph shows us that the trend reversal has begun, the current price for one AXS is trading at $22.86 with a gain of 7.46% in its market capitalization in the past 24 hrs. AXS has a trading volume of 249 million with a gain of 61.74% in 24 hrs and a market cap of 1.3 billion with a gain of 7.27% in it. The volume market cap ratio for AXS is 0.1789. Seems that the bears are losing their grip over the market. AXS/BTC pair has a value of 0.000754 BTC with an increase of 4.72% in it.
Short term analysis
The short-term (4 hrs) graph shows a breakout of a sideways trend which was between resistance and support of $23 nad $29 respectively, and initiation of an uptrend.
Technical indicators like MACD indicate bullish movement as the MACD line made a positive cross over the MACD signal line and the histograms also started rising.
While the relative strength index is not overbought yet, the value is above 65. Which supports the MACD indication.
Conclusion
The analysis says the AXS bulls are now focusing on the token and the trend reversal has begun.
The technical indicators are supporting the Statement.
Technical levels
Resistance : $30 and $32.5
Support: $20 and $15
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
