Axie Infinity (AXS) Rallies By 23%; Are The Bulls Taking Over From Here?
November 05 2022 - 8:00PM
NEWSBTC
AXS’s price needs to rally high as the price continues to
stall in its price movement despite the market looking green across
boards. AXS’s price continues to trend below key
support as the price tries to build more strength to overcome this
area of resistance that has held the price from rallying.
AXS’s price remains indecisive on the daily timeframes as the price
trades below the 50 and 200 Exponential Moving Averages (EMA). Axie
Infinity (AXS) has recently struggled to rally like other altcoins,
as the price continues to stall, with little hope of a rally to a
high of $20. The crypto market has seen some relief across all
assets, with Bitcoin (BTC) leading the way, rallying and dragging
the market. Axie Infinity (AXS) has remained relatively slow in
recent days, as buy orders have slowed due to the price
encountering resistance to breaking higher. (Data from Binance)
Related Reading: Dogecoin Shows Bullish Bias As $0.12 Support
Holds; Will $0.15 Be Breached? Axie Infinity (AXS) Price Analysis
On The Weekly Chart Many altcoins have continued to produce over
200% gains over the past 7 days of breaking out of their
range-bound movement, as many believe more hope is returning to the
crypto space. The beginning of the week appeared skeptical, but
things are starting to shape up and look more promising for some
altcoins, such as BAND, which rallied over 100% in less than 24
hours, demonstrating the price action and volume for buy orders.
The price of APE has shown little volatility as it aims to break
out of its shell with a rally on the horizon. After dropping from
its high of $170 in recent months with so much hype for AXS, the
price of AXS has failed to replicate this movement to its all-time
high as the price currently registers over 80% from its all-time
high, with the price of AXS struggling recently to pull off a
relief bounce from its weekly low of $6. The price of AXS saw
its price trade at a low of $6 on the weekly chart; the price
swiftly bounced from this region as the price rebounded to a region
of $10 as the price found itself trading in a range. Weekly
resistance for the price of AXS – $12. Weekly support for the price
of AXS – $6. Price Analysis Of AXS On The Daily (1D) Chart In the
daily timeframe, the price of AXS continues to look strong as the
price could be set to breakout of its long-range price movement to
a high of $12. The price of APE trades at $10.5, just below the 50
EMA, which indicates a good relief sign for AXS’s price on the
daily timeframe could be poised for a major breakout if prices
close above $12 after facing rejection to trend higher. Daily
resistance for the AXS price – $12. Daily support for the AXS price
– $8.5. Related Reading: Polygon Sees Large Volume Of MATIC Whale
Transactions In Last 24 Hours Featured Image From zipmex, Charts
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