- AXS token remained between the congestion range of $6.00 – $8.00
- The fight between the bulls and bears is still in progress.
AXS, the native token of Axie Infinity, was investors’ favourite in the past months. Recently, it has shown an ideal scenario of being in a particular range. The price action formed the lower lows sequence, breaking the barriers below $6.50. The Bulls lost stamina and stayed in a biassed range consolidating near $6.00.
AXS is now trading below its 20-day EMA and unable to attain momentum in the recent trading sessions. The sellers were making short positions, and buyers were trying to accumulate. The token price dropped by 18% in the last seven trading sessions.
When writing, the AXS token trades at $6.6902 with an intraday gain of 0.75%. Moreover, the trading volume rose by 2.72% in the intraday trading session. Axie Infinity token remained bearish until the mark below $7.30, and selling pressure persisted on the token. Above the mark, buyers will gain strength, and buyers will attain strength.
AXS on daily charts
On the daily charts, the AXS token is near the strong support mark of $5.80, which might be retested in the upcoming sessions. Sellers were trying to close the weekly candle below $6.30 to continue the downtrend.
Meanwhile, trading volume was below the averages, and sellers are taking advantage of that. If the price breaks below $6.30 in the next session, sellers will gain more strength, and more weakness in the token price can be seen. On the other hand, if any bullish moves in price arise, then the trajectory swing of $7.30 reacts as immediate resistance. Investors have to wait & watch for any trade before any new trades.
AXS token delivers pessimistic views and does not register any decisive moves, which makes investors cautious. However, the token is trying to persist on the lower Bollinger band.
What Traditional Indicator Says?
On the 4-hour chart, the AXS token remained in a tight, narrow range near $6.50, where both bulls and bears have continued to win the battle to stretch the trend.
The trend is now neither bullish nor bearish, but sellers are gaining the advantage of the lower interest of investors for the new positions. The RSI index curve is near the neutral mark of 50, with a positive crossover also on the curve.
Along with that, the MACD curve is also starting to frame green bars indicating the beginning of an uptrend with a bullish crossover on the curve.
Conclusion:
AXS token is near the support mark of $6.00, which might be retested in the upcoming sessions. Moreover, the trend might be shifting on any side, so investors have to be very careful before taking any trade.
Technical Levels:
Support Levels: $6.00
Resistance Levels:$7.30 and $8.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.