Axie Infinity is trading with a bullish bias in the recent sessions with the price jumping over 10% from the demand zone. The bulls successfully defended the $6.66 Mark amid the broader market correction.
However, the crypto is yet to break out of its correction phase to print further movements on the charts. The recent price trend looks neutral with a range bound pattern in the last one month.
Let’s try to dig deeper and find whether the AXS crypto may continue to remain in a correction phase and break out of it.
Axie Infinity Volume Analysis
Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. It allows players to collect, breed, raise, battle and trade token-based creatures known as Axies.
Each Axie possesses six out of the hundreds of different potential body parts, each of which has its own battle move. This produces essentially endless variety among Axies, with most Axies having relatively weak statistics, while those with the strongest combination of body parts can have incredible stats.
The Intraday volume received was $48.84 Million with a drop of 10.6% as compared to the previous day. The volume to market cap ratio was 4.48% suggesting a low volatility in the crypto.
Furthermore, it has 145.08 Million AXS tokens in the circulating supply which is 53.74% of the total supply. The total supply stands at 270 Million tokens.
Can Axie Infinity Register a Breakout Soon?
From a technical point of view, the recent price surge has dragged the price near the higher boundary of the range. However, It has not yet achieved a breakout past the $8 mark. However, consistently maintaining above $8 could trigger a fresh uptrend, potentially elevating the cryptocurrency to the $10 resistance level.
At the time of writing, the Relative Strength Index (RSI) is slightly above the mean line, registering at 51.47 points, while the Simple Moving Average (SMA) stands at 46.41 points. The occurrence of a bullish crossover between both lines suggests the likelihood of an impending breakout.
Conclusion
Axie Infinity (AXS) has shown a bullish trend, rising over 10% in the last few sessions. The $6.66 has turned out as a major support amid the broader market correction. Currently, The price is approaching the upper range limit, aiming for a breakout above $8, which could lead to a rally towards $10. The trading volume indicates low volatility.
Moreover, the RSI and SMA indicators are converging in a bullish crossover, hinting at a potential breakout. The market’s positive momentum and technical indicators suggest Axie Infinity may soon transition from its current consolidation phase to a new upward trajectory.
