Axie Infinity price analysis: AXS dips to lows of $20.75 as a firm bearish momentum builds

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Axie Infinity price analysis for today shows the token opened the daily trading session at $21.97 and reached a high of $22.06. However, the bulls were not able to sustain the momentum and prices started to decline. The bearish momentum gathered strength and prices dipped to lows of $20.75. Prices have currently found some support at this level and are trading at $20.75. The hourly MACD and RSI are both bearish and support a further decline in prices.

The cryptocurrency market has been under pressure over the past few days as Bitcoin prices have declined sharply. This has had a negative impact on most altcoins, including Axie Infinity. The AXS price has declined by 7.18 percent over the past 24 hours and is currently trading at $20.75. The cryptocurrency has a market capitalization of $1.26 billion and is ranked 46th in terms of market capitalization.

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Cryptocurrencies prices heatmap, source: Coin360

AXS/USD price analysis: Bears take control as prices dip to $20.75

Axie Infinity price analysis on a daily timeframe indicates the bears are in control of the market as prices have declined sharply over the past few days. Prices have found some support at $20.0and are currently trading at this level. The MACD is bearish, while the RSI is also trading in bearish territory. These indicators suggest that prices could continue to decline in the near term.

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AXS/USD 1-day price chart, source: TradingView

The market volatility is relatively high as the Bollinger bands are starting to widen. This could lead to a period of increased price volatility in the near term. The market is expected to present a bearish trend as prices have been declining over the past few days.

Axie Infinity price analysis on the daily chart indicates the prices are trading above the $20.0 support level, which is a key support level for prices. If this level is breached, prices could decline to the $18.0 level. However, if prices continue to trade above this level, they could rise to the $22.0 resistance level. The moving averages are all bearish and indicate that prices could continue to decline in the near term.

AXS/USD 4-hour price analysis: Bulls come out to defend the $20.0 Support

Axie Infinity price analysis on a 4-hour price chart indicates the bulls have been successful in defending the $20.5 support level. Prices have currently found some support at this level and are trading at $20.76. The MACD line is however indicating a bearish market sentiment as it is crossing the signal line from above. The RSI is also bearish and is currently trading at 56.86. Prices could continue to decline in the near term as the market remains under pressure.

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AXS/USD 4-hour price chart, source: TradingView

The market volatility is relatively high as the Bollinger bands are bulging outwards. Prices are not expected to make any major movements in the near term as the market remains rangebound. The current selling action on the market is likely to see the market volatility increase in the next few hours. Prices could retest the $20.0 support level in the near term.

Axie Infinity price analysis conclusion

Axie Infinity price analysis for today shows the prices are trading in a bearish trend as the market is under pressure. Prices have found some support at $20.75, however, the market remains under pressure. The market is facing some selling pressure in the recent hours, with no signs of bullish momentum. However, the bulls are defending the short-term support at the $20.5 level. The market is expected to remain bearish in the near term with prices likely to retest the $20.0 support level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.