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The Axie Infinity price has skyrocketed in the past week; the altcoin has secured close to 40% appreciation. On the daily chart, AXS registered a 4.8% spike. This positive price sentiment can be tied to the recent developments within the AXS ecosystem.
Axie Infinity’s community made its first move into developing the project into a decentralized future just a day ago. According to the technical outlook, buyers have made a strong comeback in the market. This has caused major accumulation over the past trading sessions.
AXS formed a tall green wick tied to increased trading activity to corroborate the same. The chance of a price pullback cannot be ruled out, considering that the coin surged substantially overnight.
Buyers might have difficulty sustaining the price breakout, so that AXS will travel close to its immediate support level. Only if this rally pushes the coin above the $10 level can AXS continue its bullish price action.
Axie Infinity Price Analysis: One-Day Chart
AXS was priced at $8.96 after the recent surge in price. Overhead resistance for the coin was $9 and then at $9.72. Moving above the $9.72 level will help AXS to breach the $10 resistance mark. The aforementioned price ceiling has proved difficult for the bulls as the altcoin has been rejected at that level over the past few months.
Clearance of the $10 mark will pave the way for AXS to reach $12. On the other hand, a price pullback will bring AXS to $7.20. The amount of AXS traded in the last session increased, which portrayed the bulls taking charge of the price action.
Technical Analysis
In correspondence to the tall green wick Axie Infinity Price formed in the recent trading session, the coin was nearing the overvalued zone. The Relative Strength Index shot past the half-line and stood below the 80-mark.
With a slight push from buyers, AXS will enter the overbought zone. AXS was also above the 20-Simple Moving Average line, which meant that the altcoin registered substantial demand. It denotes that the buyers were driving the price momentum in the market. AXS was also above the 50-Simple Moving Average line, which shows strong bullish price momentum.
AXS depicted a buy signal on the daily chart in conformity with increased accumulation. The Moving Average Convergence Divergence identifies the price trend and reversals in the same. MACD assembled green signal bars over the half-line, which was the buy signal for the altcoin.
Bollinger Bands forecast price volatility and the chance of fluctuations. The bands widened, indicating that the coin would continue to rise in value on its chart. Moving above $9.20 should not be difficult if the broader market is strong.
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Image and article originally from newsbtc.com. Read the original article here.