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- The Axie Infinity token broke the descending trend line and reached the next round level of $20.
- AXS speculators saw a sudden jump in volume compared to the previous night, with a 344% jump during the recovery.
- The RSI indicator looks above the semi-line (50-mark) on the daily price chart after 2 months of consolidation.
Axie Infinity Token is in a recovery mood as the entire cryptocurrency market attempts to recover after a scary sell-off. Meanwhile, the AXS token makes a higher low in a higher time frame such as 4 hours and daily.
Finally, the Axie Infinity token eased selling pressure for a short-term view as it broke a downsloping trendline (White) in the case of the daily price chart. Additionally, the bulls managed to hold the altcoin price above the $17.5 resistance level.
With the bullish zone, Axie Infinity investors saw gains of around 31% this week. Thus, at press time the AXS token trades at the $18.16 mark.
There is now a short-term support level for the bulls in the $17.5 to $18 area. Meanwhile, the AXS market cap rose 20% over the past 24 hours to $1.4 billion, according to CMC. For further upside, the bulls may see a key resistance at the $30 mark if they successfully hold the altcoin price above the conceptual round level of $20.
Last week, AXS price displayed a Doji candle, as a result of which the bulls are going to see a bullish weekend after two weeks. However, AXS speculators saw a sudden jump in volume compared to the previous night, rising 344% during the recovery, so the bulls became past the selloff bullish.
20 EMA has a vital support
After two months of struggle, the bulls finally propelled the Axie Infinity Token above the 20-day exponential moving average, which acted as a support area. And a breakout of the 50 EMA would indicate a bullish rally ahead.
Besides, the RSI indicator is watching above the semi-line (50-mark) on the daily price chart.
Conclusion
As the daily RSI moves above the half-line, Axie Infinity investors have an opportunity to hold the coin until the RSI reaches the overbought zone.
Technical Levels
Resistance level- $20 and $28
Support level- $12 and $10
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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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
