AXS Price Faced Rejection From $13; Are Bulls Trapped at High?

• Yesterday, the Axie Infinity crypto price was dumped by 15%.
• It has faced resistance from the 52-week high and shows negative sentiment.

AXS crypto price has been in trend and recorded a 52-week high of $13.50 on March 10, 2024. The price is showing wick rejection from the $13 hurdle and has dropped by approximately 10% in a day. Yesterday, it witnessed selling pressure and melted to the 20-day exponential moving average but buyers managed to defend the EMA.

According to the technical chart, the GMX crypto price has performed positively since February and is up by 61% till now. On March 05, the GMX price faced resistance from the last swing high of $10.70 and melted by 20%. It took support on the 20-Day EMA and triggered a pullback, leading to a 52-week high.

At press time, the current market price of Axie Infinity is $11.36 with an intraday gain of 0.23%. It has a monthly return ratio of 41.98% and 45.65% yearly. The market capitalization is $1.61 Billion and the 24-hour trading volume is $121.01 Million with a fall of 27%.

AXS Crypto Price vs Volume Analysis

According to the data on price and volume, it is noted that the volume has dropped from $620 Million to $113 Million but the price has not declined a lot. Due to the drastic fall in the trading volume, the price may decline in the next few sessions.

AXS Price Technical Analysis Over Daily Timeframe

Based on the technical chart, the Axie Infinity crypto price has surpassed the resistance level of $11 with strong buying momentum. For the last two days, the AXS price has been on a downtrend, having dropped by 17%.

If the buyers remain in the game then this fall can be converted into a pillback. If the price manages to defend the 20-Day exponential moving average and surpasses the recent high then buyers may lead the trend further.

Suppose, the Axie Infinity price fails to defend the 20-Day EMA and sustains then investors may prefer to book profit to buy the dip which may lead to a fall. If the price melts to the 100-Day EMA, then it may be difficult for the buyers to dominate again.

The Axie Infinity crypto price is trading over the significant moving average which showcases the bullish trend. RSI is at 58 and falling from the overbought zone which may result in a bearish momentum. The circulation supply of Axie Infinity crypto is 141,926,953 AXS and the total supply is 270,000,000 AXS.

AXS Price Prediction Over 4-H Timeframe

In a 4-H time frame, the AXS price chart has displayed buying momentum and rose by taking support on the trendline. Currently, the price is staying on the trendline and witnessed wick rejection indicating buyers are trying to lift the price further.

On the other hand, if the Axie Infinity price slips below the trendline and sustains then sellers may dominate and drag down the price to the support level of $8.40. The price may take support on this level and show some recovery.

Conclusion

Based on the technical analysis and market trends, the Axie Infinity crypto price is currently facing resistance from the 52-week high and has witnessed selling pressure. However, if buyers manage to defend the 20-day exponential moving average and surpass the recent high, the trend may continue upward. On the other hand, if the price fails to defend the 20-Day EMA and sustains, investors may prefer to book profit which may lead to a fall. 

Technical Levels

Resistance Levels: $13.00 & $15.30

Support Levels: $11.50 & $9.50

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.