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- 1 Axie Infinity price currently trades at $6.01 while witnessing a loss of 0.5% during the intraday session.
- 2 AXS price trades below 20,50,100 and 200-day EMAs.
- 3 The year-to-return of Axie infinity has dropped to -0.33% while one monthly return stands at 2.03%.
AXS price entered into an uptrend, forming higher lows after the formation of a support level at $4.70 during mid-June. However, the move could not sustain and was halted as the price faced rejection near $7. The 100-day EMA acted as a resistance and the price could sustain above $6.80.
The announcement of BlackRock, an American multinational investment banking firm, filing for Bitcoin Spot ETF was the primary reason behind the upsurge in most altcoins. The bullishness in the crypto market seems to be fading away.
After the rejection, the price retraced and formed support at $6.18. AXS price again initiated a bullish move but could break above $6.50 and faced many rejections from the same level. Recently, the Axie Infinity price broke the uptrend and is headed in a downward direction.
Minor support is formed at $6 and bears are striving to push the price below it. The previous candle closed as a bearish candle and the current candle is headed downward in hopes of breaking the low of the previous candle.
The current price action shows that there is a high possibility of a downward move in the upcoming days. If a candle can close below $6, the price might head down toward $5.80 causing a downfall of roughly 3.50%. On the other hand, if bulls enter into the market and the price forms support at $6, it might head toward $6.50.
Axie Infinity Collaborates With CyberKongz
Axie Infinity, a blockchain game has recently released news regarding its partnership with the Ethereum-based nonfungible token (NFT) collection CyberKongz to develop a more comprehensive gaming ecosystem for the Ronin blockchain.
The sales volume of Axie Infinity has also been declining sharply since 2021. However, July 2023 witnessed a volume of $1,127,495.14.
Will AXS Price Sustain Above $6?
The cryptocurrency price trades below 20, 50, 100 and 200-day EMAs, indicating bearish momentum. The price has rejected the 20-day EMA and is headed in a downward direction. Chaikin money flow score is 0.03 suggesting slight strength in the market.
The relative strength index has dropped below the 50 mark and currently trades at 46.41, with a downward slope, suggesting rising bearish momentum. AXS price has crossed below the 20-day SMA of Bollinger and is declining in the direction of the lower band which resides at $5.73.
The long/short ratio is 1.008 with 50.22% longs and 49.78% shorts suggesting a slightly higher pressure from buying side in the last 24 hours.
Conclusion
The market structure and price action of Axie Infinity have turned bearish after the break of the uptrend. Technical analysis shows that prices might head in a downward direction.
Technical Levels
- Major support: $5.80 and $5.50
- Major resistance: $6.50 and $6.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
