While some altcoins have shed losses over the past few days, AXS posted some gains today and has shown some signs of recovery. The bulls are trying to step back, but buying volume is currently low.
After Axie Infinity found solid support last month, the price increased by over 30% before slipping to $8. It consolidated above that price level for a while and showed signs of recovery in the daily time frame.
This led to a breakout of the resistance line that suppressed bullish actions for over two months. However, trading activity is boring right now.
On the lower frame, the sellers are attempting to bring the price beneath yesterday’s low following a steady pullback from $8.9. If volume continues to flow into the market, we can expect the price to keep rising in the coming days.
But at the time of writing, the volatility looks low with choppy price actions. We can expect a notable rise as soon as the buyers show strong commitment. Even though the volatility increases, it still needs to clear the last month’s resistance level before we can validate a short-term bullish.
The $8 psychological level is held as monthly support. If that level collapses due to a sudden price drop, AXS may turn weak in the lower time frame and look for close support to resume positive actions.
AXS Key Levels To Watch
With the recent build-up in Axie’s price, the immediate levels to consider as resistance areas are $9.8 and $10.4. If the price surpasses that area, the levels to watch next are $11.9 and $13.9.
In case of more drops, the level to watch is the mentioned monthly support. If that support fails to produce a rebound, the lower support to consider next is $7. The lower level for a drop lies at $6.
Key Resistance Levels: $9.8, $11.9, $13.9
Key Support Levels: $8, $7, $6
- Spot Price: $8.5
- Trend: Neutral-Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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