Axie Infinity (AXS/USD) Encountering Potential Unsustainability Beyond the $6.50 Resistance Threshold
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As liquidity surged during the bullish market in October, the price of Axie Infinity experienced an upward trajectory, challenging several significant resistance levels. However, upon reaching the $6.50 price level in September, further upward movement was impeded. A confrontation between bulls and bears ensued, resulting in a standoff, and the price remained within a sideways range below the resistance.
Subsequently, bullish traders strategically regrouped at the $5.50 price level, establishing a robust support level, which eventually facilitated the breakthrough past the $6.50 barrier. Despite this achievement, formidable resistance has materialized above the $7.00 price level, posing a substantial challenge for bullish momentum.
Axie Infinity Market Data
- AXS/USD Price Now: $6.87
- AXS/USD Market Cap: $904,513,820
- AXS/USD Circulating Supply:132,040,367AXS
- AXS/USD Total Supply:270,000,000 AXS
- AXS/USD CoinMarketCap Ranking: #57
Key Levels
- Resistance: $7.00, $7.50, and $8.00.
- Support: $6.00, $5.50, and $5.00.
Axie Infinity Price Forecast: Analyzing the Indicators
In recent days, the Axie Infinity market has exhibited heightened bullish activity, successfully breaching the $6.50 resistance level. The bullish momentum escalated, reaching a peak of $8.24. However, a robust bear market emerged shortly thereafter, causing a retreat of the bullish price below the $7.00 threshold. The substantial hammer candlestick observed in today’s market signals a strong bearish sentiment, questioning the sustainability of the market above the $6.50 level.
Anticipating a potential shift, a bullish support level may form at the $6.50 price point, providing a foundation for a modest bullish resurgence. This development could propel the market closer to its next target, namely the $7.00 price level.
AXS/USD 4-Hour Chart Outlook
Upon analyzing the 4-hour chart perspective of the market, a noticeable decline in trade volume is evident, contributing to a potential consolidation of prices. This consolidation may center around the $6.50 price level, reinforcing it as a support level and serving as a launch pad for an imminent bull run. The prevailing bias in the market appears to be bullish at the moment.
