Home
News
- 1 In the past 24 hours, trading volume was $96.91 Million and the current market price is $7.68.
- 2 The AXS crypto asset is exhibiting positive potential as it is trying hard to hold above major trend EMAs.
Axie Infinity has shown a wonderful price movement so far on the daily chart. The last rally was from $4 to $11 from the last week of October to the last week of December 2023, which is a 170% gain. $11 turned out to be a supply zone for AXS, from where it plunged into a wedge, its status at press time.
On Feb 11th Axie Infinity crypto has indicated a sign of turnaround as the price rose from a key support level of around $6.85 and broke out of the wedge in a rally. The crypto could be primed for a phenomenal rally, as it accumulates power to break the resistance level and zoom to new highs.
Can Axie Infinity Reach The $10 Mark?
At the time of publishing, the AXS crypto faced a possibly temporary setback – it failed to breach the 20, and 50-Day EMA levels on the daily chart. This indicates that buyers are still favorable on the upside and show bullishness for upcoming sessions. Similarly, in the past 24 hours, the trading volume on all major exchanges combinedly shows $96.91 Million and the current market price is $7.68 with an intraday decline of 5.87%.
The asset is exhibiting its rising capacity as it is trying hard to hold above major trend EMAs. Contingent on the buyers’ surge, the price could rise abruptly to reach higher targetsl. Meanwhile, other technical tools such as MACD, highlight bullishness as it is in a bullish territory and above the zero line. MACD is at 0.17, the signal line is at 0.10, and the histogram is at 0.06.
On top of that, the price structure looks very similar to a bullish pattern known as a falling wedge. As per this structure, the breakout could stretch up to $10 as well, and in-between primary resistance would be $8.51.
Another possibility would be that if the falling wedge pattern fails and breaches below 20, and 50-Day EMAs, the price could touch $6.85, and go beyond that, marking new demand zones.
Summary
AXS price action highlights bullish sentiments and perspectives regarding the crypto asset in the daily time frame. The technical tools suggest Axie Infinity will sustain in an upward trend, dependent on the buyers’ surge, over the daily time frame chart.
Technical Levels
Support Levels: $6.85
Resistance Levels: $8.51
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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.
