Axie Infinity price analysis: AXS loses six percent more as price degrades to the $67 range
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TL;DR Breakdown
- The Axie Infinity price analysis is bearish.
- Resistance for AXS is present at $73.3.
- Support for the crypto pair is present at $63.4.
The Axie Infinity price analysis shows the bears continue to rule the market and have brought down the price to the $67 range today. The price function is being constantly dominated by the bearish side, and today the price has gone down once again. A further decrease in price can be expected in the upcoming week as the price has constantly been covering range downwards.
AXS/USD 1-day price chart: RSI sinks further down in the undersold range
The 24-hour price chart for Axie Infinity price analysis shows the price is going down once again after the bears managed to secure grounds on the Candlestick chart. The trending line in the 1-day price chart is continuously going down, indicating that a downtrend has been following since 8th November 2021 after the price peaked at $160.4. Further decline in the upcoming days is to be expected, and the price might go lower than its current level, i.e., $67.9. The moving average is at a relatively stable position as it is trading at the $80.7 level.
The Relative Strength Index (RSI) entered the undersold zone on 6th November and has sunk further down to index 25 level, indicating an alarming situation due to extreme selling pressure.
The volatility has increased tremendously during the last 24-hours as the Bollinger bands are expanding vastly. The upper value of the indicator is settled at the $118 mark, and the lower value is present at the $65 mark representing support for AXS price.
Axie Infinity price analysis: Recent developments and further technical indications
The 4-hour price chart for Axie Infinity price analysis shows the coin recently got support at $67 level, as the price started to recover back as bulls rejected further downside. The price has been elevated up to $67.9. But the overall scenario is not favorable for the bulls as, after every bullish interval, another steep bearish plunge can be seen trending on the 4-hour chart.
The SMA 50 curve is continuously trading above SMA 20, confirming a major bearish swing in price movement. The volatility has decreased significantly, and now the upper Bollinger band value is at $76 while the lower one is at $67.5, just below the price level. The RSI score has slightly improved in the last 4-hours to index 33 as well as some bullish support has finally appeared.
Axie Infinity price analysis conclusion
The price has undergone a reduction in the last 24-hours as it has been confirmed from the 1-day and 4-hours Axie Infinity price analysis. The bears are struggling to maintain their upper position on the price charts and have taken the price down to the $67.9 level. Further decrease in the coin value is highly possible in the coming hours, despite the fact that the hourly prediction is favoring the bullish side.
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