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Axie Infinity Price Analysis: AXS Coin Bulls Lost Momentum, Fell 10% Within a Week

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Source: AXS/USDT on TradingView

Daily technical chart and AXS coin price is showing a downward trend. Based on the pivot level, the initial support level is 45.50 USD. From another perspective, if it accelerates, the resistance level to watch is 90.0 USD. Although the chart created a Doji star candlestick pattern during the day, the price is expected to be flat with medium reliability.

Ichimoku Cloud is composed of lead-1 and lead-2, and the displacement value is 1. It operates as a pivot level and leading indicator of asset price changes. Investors can see that the price breaks above the Red Moku Cloud and now trades inside the Green Moku Cloud, so the cost is inside the Green Moku Cloud, ensuring the neutral trend of AXS.

Trading volume (345.800 K) is above the 20-day moving average (2.79 M). In short, the low volume caused the price to dwell at the pivot zone. Investors may also notice that the volume bars on the chart are declining, which indicates that surprising volatility is expected in the next trading days.

The Stochastic RSI (bearish) with a value of K-11 D-12 presents a sell signal in the coin. Investors may observe a declining slant and a negative crossover in the index. It may pull back towards a positive region in the coming trading days.

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AXS Coin Requires High Buying Momentum

The price of Axie Infinity today is $66.21, and the 24-hour trading volume is $509,155,006. The cost of AXS has fallen -4.3% in the past 24 hours. There are 58 million AXS coins in circulation, with a total of 270 million. The Stochastic RSI indicator shows a sell sign, and the traders have led to high volume. Technically, the price sustains around the pivot zones and continues in a downtrend. Accordingly, as with the overall market viewpoint, the trend remains bearish for upcoming trading sessions.

Resistance Level: $90.0

Support Level: $45.50

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