TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally
The price of Axie Infinity (AXS) has struggled lately with a few bullish signs against Tether (USDT) despite market sentiment around the project.
As a result of the “Merge” sentiments, this has led to many altcoins showing relief rallies and newer altcoins hitting record highs; the price of Axie Infinity has struggled to increase despite many expectations of AXS holders.
The merger is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) to increase network efficiency in transactions. (Data streams from Binance)
Axie Infinity (AXS) Price Analysis on the Weekly Chart
From the chart, the price of AXS saw a weekly low of around $14.2, which bounced from this area and rose to a price of $18.
The price has built more momentum as it faces resistance at $19.3.
If the price of AXS on the weekly chart continues with this structure, it could quickly return to $18, acting as a good support area for buy bids.
Weekly resistance for the price of AXS – $19.3.
Weekly support for the price of AXS – $14.
Price analysis of AXS on the daily (1D) chart
The price of AXS found strong support around $17.5, which appears to be an area of interest on the daily chart.
AXS bounced off support and has rallied as it faces resistance at $19.3. The price of AXS has continued to vary in a channel; Breaking out of this channel could send the price of AXS to $28.
At the time of writing, the price of AXS is $19.27, above the 50 Exponential Moving Average (EMA) with a price of $17.5.
If the price of AXS holds the $17.5 support successfully, we can see the price trending higher with a successful breakout of the channel; if the price of AXS is rejected, $17.5, which corresponds to 50 EMA, will be good support for buying.
The Relative Strength Index (RSI) for the price of AXS on the daily chart is above 55, indicating healthy buy bids for AXS.
Daily (1D) resistance for AXS price – $19.3.
Daily (1D) support for AXS price – $17.5.
Price analysis of AXS on the four-hour (4H) chart.
The price of AXS has continued to range in a channel with resistance at $19.3.
AXS is trading above the 50 and 200 EMA with prices of $18.4 and $17.3, acting as support on the 4H chart if the price of AXS is rejected due to the weekend sell-off.
If the price of AXS holds above the support at 18.4 with the good volume, we can see the prices trending and breaking out of the range channel. If AXS experiences selling, 50 and 200 EMA prices will support AXS prices.
Four-hour (4H) resistance for AXS price – $19.3.
Four-hour (4H) support for AXS price – $18.4, $17.3.
Featured image from Coin News, Charts from TradingView.com
