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Axie Infinity recently tested the $6.43 price level, experiencing subsequent retracement to lower levels. However, there was a swift reversal before the price action reached the $5.41 support. In the ongoing session, the token has successfully broken through the $6.43 resistance. What can we anticipate from this market shortly?
Key AXS Statistics:
Current Axie Infinity Value: $6.70
AXS Market Cap: $855,622,306
Circulating Supply of Axie Infinity: 132,040,367
Total Supply of AXS: 270,000,000
Axie Infinity CoinMarketCap Ranking: 61
Key Price Levels:
Resistance: $6.70, $7.50, and $8.00
Support: $6.00, $5.50, and $5.00
AXS Price Action Set to Challenge the $7.00 Resistance
Following the upside correction initiated near the $5.41 support, the subsequent progress has been swift due to heightened volatility. Today’s trading session approached the $7.00 resistance, with some downward rejection evident through the appearance of a longer upper shadow on the ongoing session’s price candle.
Despite this, the market retains upside potential as the session still preserves most of the recorded gains, and trading activities persist above the middle limit of the Bollinger Bands. Additionally, the Moving Average Convergence Divergence (MACD) indicator lines are nearing a bullish crossover above the equilibrium level.
Bullish Sentiment Surrounding Axie Infinity
In the 4-hour market, the sentiment surrounding the AXS token indicates that traders are favoring long positions. The current price remains outside the uppermost limit of the Bollinger Bands, although there’s evidence of the earlier mentioned downward rejection in the last price candle.
Furthermore, the MACD indicator lines have resumed an upside trajectory, and the last bar of this indicator now displays a solid green color. These indicators suggest the potential for the market to target higher price levels near $7.50.
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