Why Axie Infinity (AXS) Could Rally After Hide And Seek, Eyes $20
Axie Infinity (AXS) has recently shown significant strength against tether (USDT) as the price prepares for a rally to the $20 mark. Bitcoin’s (BTC) price continues to fluctuate, despite occasional surges. The price of Axie Infinity (AXS) has been difficult to break above $15, but it could be set to make the difference.(Data from Binance)
Axie Infinity (AXS) Price Analysis On The Weekly Chart
AXS’s price has dropped from $70 to $10, and it is even struggling to stay afloat during the bear season. The price of AXS recently showed a glimmer of hope, rising from $13 to $15 as more buyers purchased this coin.
AXS price saw a weekly low of $11 before rebounding to $14 before encountering resistance to breaking above. The price of AXS remains above $13 because it has proven to be of interest to buyers.
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If AXS continues with this volume on the weekends, we could see the price of AXS facing its first major resistance at $20.
Weekly resistance for the price of AXS – $20.
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Price Analysis Of AXS On The Daily (1D) Chart
Daily AXS Price Chart | Source: AXSUSDT On Tradingview.comAfter falling to a daily low of $13, the price of AXS on the daily chart bounced off this area as it formed good support; the price rallied to the $15 region with a good volume of buyers ahead of the daily and weekly closes.
For AXS to break above the current resistance level of $16, the price must maintain its bullish structure with more buy orders.
AXS is currently trading $15 below the 50 and 200 Exponential Moving Averages (EMA). Prices at $16 and $30, corresponding to the 50 and 200 EMA, will continue to keep AXS from rising further.
Daily (1D) resistance for the AXS price – $16, $30.
Daily (1D) support for the AXS price – $13.
Price Analysis Of AXS On The One Four-Hourly (4H) Chart
Four-Hourly AXS Price Chart | Source: AXSUSDT On Tradingview.comThe price of AXS in the 4H timeframe has continued to look bullish after bouncing off from the support of $13.5 as the price rallied to $15.
AXS needs to continue with its bullish momentum as it faces its major resistance at $16.6; this price corresponds to the 50% Fibonacci retracement mark acting as resistance for AXS’s price.
If the price of AXS breaks above this resistance of $16.6 with a convincing volume, we could see the price of AXS rally to $20.
The Relative Strength Index (RSI) for 1INCH on the 4H chart is above 50, indicating buy order volume for the 1INCH price.
Four-Hourly (1H) resistance for the AXS price – $16.5.
Four-Hourly (1H) support for the AXS price – $13.5.
Featured Image From Yahoo, Charts From TradingView.com