- The Axie Infinity token is again trying to recover by forming a double bottom formation on the 4-hour price chart.
- The market cap of the AXS token increased by 18.8% to $2.06 billion in the last 24 hours, according to the CMC.
- The Axie Infinity Token price, corresponding to the bitcoin pair, is trading at 0.0008512 satoshis, a gain of 13.9%.
The Axie Infinity Token has been declining for over a month after slipping from a falling wedge pattern on the daily price chart. During the downtrend, the bulls lost the critical hedge zone (green box) that was valid for over 10 months.
After receiving rejection from the 20 EMA on the weekly chart, the XS token is down by 60% over the past 5 weeks. But now after registering an annual low of $27.17, the bulls are attempting to defend against further selling by forming a double bottom formation in the context of the hourly price chart.
The Axie Infinity token has been in slight bullish territory since last night, after a bloodbath. Thus AXS is trading at $33.8 at the time of writing; Hence, the market cap of the AXS token increased by 18.8% to $2.06 billion in the last 24 hours, according to the CMC. Similarly, the Axie Infinity Token price, corresponding to the bitcoin pair, is trading at 0.0008512 satoshis, a gain of 13.9%.
On the daily price chart, the AXS token is observing lower all key EMAs including 20,50,100 and 200. The 20 EMA seems to be a most recent bullish hurdle at $40 Mark. However, the volatility is increasing this week, therefore, the trading volume jumped by 55% in the last 24-hours.
The AXS shows little recovery
The daily RSI (slightly bullish) is moving towards the semi-line after dipping into the oversold zone. Conversely, the MACD is still below the neutral zone (inside the negative zone), indicating weakness in the AXS token.
Although the bears noted new yearly lows, this clearly shows their empowerment. Under the current circumstances, the bulls should try to continue the Axie Infinity Token price in the higher zone.
Support level – $27 and $20
Resistance level – $40 and $50