Price of AXS Rests on a Key Support Level as Bears Step In
- The altcoin was also able to flip the resistance level at $6.85 earlier in today’s trading session.
- Technical indicators suggested that there was a lot of sell pressure present and AXS’s price would drop in the next 48 hours.
According to the market tracking website CoinMarketCap, Axie Infinity (AXS) emerged as one of the few cryptocurrencies that witnessed a price increase in the past day. At press time, AXS was trading at $6.91 following a rise of 2.78%.
This indicated that AXS was closer to its daily high of $7.13 than its 24-hour low of $6.54. The price surge has also allowed AXS to strengthen its position against the market leaders, Bitcoin (BTC) and Ethereum (ETH), by approximately 4.62% and 4.53% respectively.
Despite this recent price upturn, AXS’s weekly performance remained in the red at -4.79%. However, the altcoin had experienced a significant surge in its 24-hour trading volume, reaching $88,984,466 – marking a jump of over 170% over the last day.
From a technical perspective, the altcoin’s price was able to break above the resistance level at $6.85 earlier today and flip it into support. During the same 4-hour cycle, AXS attempted to do the same with the next resistance level at $7.11 and was able to reach a high of $7.20, but closed the 4-hour candle back below the mark.
At press time, there was a bullish flag that was about to trigger on AXS’s 4-hour chart, with the 9 EMA line looking to cross bullishly above the 20 EMA line. Should this cross happen within the next 24 hours, the crypto’s price will most likely have the momentum needed to flip the aforementioned $7.11 resistance into support.
One thing to note, however, was that the RSI line on the 4-hour chart was bearishly sloped towards oversold territory. If the RSI line crosses below the RSI SMA, before the end of today’s trading session, it could result in AXS’s price dropping below the recently-flipped level at $6.85.
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