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•AXS/USD is currently priced at $7.63 and has decreased by 17.58% over the past day
•The trading volumes have increased by 12.88% over the past day
•Tye technical indicators suggest a hawkish outlook for the near term
Short Term View: Axie Infinity price to continue falling in the days ahead?
The Axie Infinity price today is $7.63 USD with a 24-hour trading volume of $187,887,353 USD. Axie Infinity is down 17.58% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.257 for the altcoin.
The slight optimism that had been built up in Axie Infinity has been eroded in the market as the bulls have been found wanting at the current price levels. The weakness of the rally has resulted in Axie Infinity price to transact below the 20,50 SMA on the four hour chart. If the sentiment shows signs of worsening, one could expect Axie Infinity price to tumble below the $7 support level. On the flip side, the resistance for the altcoin is placed at $8 in the event of a shift in momentum.
Long Term View for Axie Infinity price
The Axie Infinity bears have done a number on the bulls and as a result, the RSI has slipped to within touching distance of the oversold territory, currently transacting at 34.80. Moreover, the histograms have turned red as a result of a bearish crossover occuring on the daily chart today. The MACD and signal lines are transacting in the negative zone as well, which further puts a damper on the proceedings.
Conclusion
Axie Infinity is in a downtrend which can be captured by the increased amount of selling activity taking placed in the market. The bears have looked on awestruck, unable to come to terms with the intense pressure. Hence, the altcoin looks set to continue falling in the days ahead.
Support: $7.50-$7
Resistance: $7.80-$8
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
