Axie Infinity Price Analysis: AXS/USD retests $73 overnight following bullish movement
2 min readTable of Contents
TL;DR Breakdown
- Axie Infinity price analysis is bullish for today
- AXS traded in a daily range of $71 – $74
Axie Infinity Price Analysis: General price overview
Axie Infinity price analysis is bullish for today as a new higher low was established overnight after a retracement yesterday. Therefore, we assume AXS/USD will head higher later this week and look to set further several-month highs.
The cryptocurrency market trades in the green over the last 24 hours. BTC gained 6.24 percent, while ETH by around 8 percent. Axie Infinity gained 8.34 percent and is among the best performers on the 24-hour chart.
Axie Infinity price movement in the last 24 hours: Axie Infinity retests the $73 mark as support
AXS/USD traded in a range of $71.3 – $74.10, indicating mild volatility over the last 24 hours. Trading volume dropped by 22.66 percent and totaled $936 million, while the total market capitalization trades around $4.4 billion after increasing by 8.24 percent.
AXS/USD 4-hour chart: AXS prepares for another rally
On the 4-hour chart, we can see the Axie Infinity price action rejecting further downside overnight as bulls prepare for another strong push higher later this week.
Axie Infinity price action has seen an increase of over 150 percent over the past month after a swing low was set around $37 on the 20th of July. Several higher highs and lows were set over the past weeks, creating a stable bullish trend, with the area between 100 and 200-hour moving averages acting as a support.
Yesterday, AXS/USD spiked above the $69 previous major resistance level, indicating that bulls are ready to move higher. However, any further upside was rejected, and the market started to retrace.
More than 15 percent have been retraced since with support finally found around the $70 previous minor resistance. Since we saw Axie Infinity’s price quickly bounce back above the $69 mark, we assume a new higher low is set. Overall, this price action development should lead Axie Infinity towards another rally later this week, with the $79 mark as the next primary target.
Axie Infinity Price Analysis: Conclusion
Axie Infinity price analysis is bullish today as a strong retracement was seen over the last 24 hours until support was found around the $70 mark. Since rejection for further downside was seen around the $70 support, we can expect AXS/USD to reverse today and start heading towards the next primary price target near the $77 resistance later this week.
