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Prices in the Axie Infinity market appear to have started an upside retracement since its price hit support at the $4.63 mark. Buyers have been able to keep the price of this token on the rise since then. However, it appears that they are tiring, and short traders might take advantage of this.
AXS Statistics
Axie Infinity Value Now: $6.00
Axie Infinity Market Cap: $705M
AXS Circulating Supply: 117,298,158.6
AXS Total Supply: 270,000,000
Axie Infinity CoinMarketCap Ranking: 61
Major Price Levels:
Top: $6.00, $6.50, and $7.00
Base: $5.80, $5.50, and $5.20
Axie Infinity (AXS) Stays Focused on the Resistance Mark at $6.31
As earlier mentioned, Axie Infinity’s price action has been gathering momentum towards breaking through resistance price marks. Here, the last price candlestick has just appeared above the two Moving Average curves (9- and 21-day MA lines).
Also, the wick of this candle is piercing through the $6.31 mark. Meanwhile, the Stochastic Relative Strength Index (RSI) indicator lines can be seen converging at their tips in the overbought zone of the indicator.
This seems to suggest that the headwind may have already swung into action. Nevertheless, on this front, prices remain on an upward path.
AXS’s Struggles Against Headwinds Are Revealed
Examining a shorter time frame in the AXS/USDT market has revealed that price action in this market has been facing Headwinds. On this price chart, it appears that gains from three trading sessions ago are already receiving blows from the bear traders.
Consequently, this has introduced some downward corrections to price movements over the past two sessions.However, trading activities keep occurring above the MA lines.
Also, the lines of the Stochastic RSI can be seen to be returning to their upward trajectory toward the overbought area of the indicator. This seems to suggest that price action in this market is still on its way toward the resistance at $6.31 shortly, and perhaps $6.50 later.
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