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- Axie Infinity crypto price forming a double bottom bullish reversal pattern and bulls holding the price above 50 Day EMA
- AXS token price recovered 35% approx from the lows at $5.84 and formed higher high candles for the past 12 consecutive days.
Axie Infinity token is trading with bullish cues and buyers trying to hold the prices above the 50 day EMA which shows the confidence of bulls. As per coinglass In the last 12 hours the Long and Short ratio stands at 0.95 indicates mild negative sentiment in the AXS prep futures segment. Currently, The pair of AXS/USDT is trading at $7.81 with the intraday gains of 3.86% and 24 hour volume to market cap ratio stood at 0.158
Axie Infinity technicals turning bullish ?
On a daily time frame, AXS crypto prices are trying to reverse upside while forming higher high candles.In November Axie Infinity prices triggered panic selloff and hit a low at $5.74 with as big bearish candle but surprisingly prices did not show the follow through and remain sideways in the range between $5.86 to $9.00. However, In December, bulls once tried to break out of the $9.00 hurdle zone but got immediate rejection from higher levels and prices lost all its previous gains.
Recently, from the past two weeks bulls gained the positive momentum and recovered 36% approx from the recent lows and rising upwards while forming higher high candles shows some genuine buyers might have been building up long positions. The bulls had succeeded to break out of the 50 day EMA(yellow) indicating the initial signs of short term reversal. However, the confirmation will come when bulls will be able to break out of the $9.00 and $10.00 hurdle zones. The MACD had generated a positive crossover and the histogram bars are also favoring the upward movement which indicates bullishness may continue in coming days whereas the RSI at 68 near to overbought zone denotes minor selloff or consolidation is also possible before the further upward movement.
Axie Infinity token technicals seems to be turning bullish but the prices are continuously on rise from the past 12 days which needs a minor retracement or consolidation for breaking out the hurdle at $9.00 and $10.00 levels. On the lower side if prices triggered selloff then $5.86 and $4.97 will act as a savior for bulls.
Summary
Axie Infinity crypto prices are reversing upward with a strong positive momentum and likely to hold the 50 day EMA in coming days. As per technical analysis prices are near to overbought zone and minor retracement or consolidation is also possible. As of now, no signs of weakness is visible and prices are favoring the bulls. Therefore, Aggressive traders may look for buying opportunities for the target of $10.00 and above by keeping $6.00 as SL. However if prices drop below $5.00 more room for downside will open.
Technical levels
Resistance levels : $10.00 and $12.00
Support levels : $5.86 and $4.97
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
