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Why Axie Infinity (AXS) Could Rally After Hide And Seek, Eyes $20

Why Axie Infinity (AXS) Could Rally After Hide And Seek, Eyes $20

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Axie Infinity (AXS) has recently shown significant strength against Tether (USDT) as the price prepares to rally towards the $20 mark. Bitcoin (BTC) price continues to fluctuate despite occasional spikes. Axie Infinity (AXS) has struggled to break above $15, but could be positioned to make a difference. (Binance information)

Axie Infinity (AXS) price analysis on weekly chart

AXS has dropped from $70 to $10 and is even struggling to stay afloat during the bear season. The price of AXS recently showed a glimmer of hope, rising from $13 to $15 as more buyers bought this coin.

AXS hit a weekly low of $11 before rallying to $14 before encountering resistance to a breakout. AXS is still priced above $13 as it has proven to be attractive to buyers.

AXS has moved out of this range to $15 as the price looks promising, with good volume ahead of another weekly close.

If AXS continues with this volume over the weekend, we could see AXS price meet its first major resistance at $20.

Weekly resistance at the price of AXS – $20.

Weekly support for the price of AXS – $13.

AXS price analysis on a daily (1D) chart

Daily AXS Price Chart | Source: AXSSDT is Tradingview.com

After settling down to a low of $13 for the day, the price of AXS on the daily chart bounced out of this area as it formed a good support; the price rose to the $15 range and there were plenty of buyers ahead of the daily and weekly closes.

For AXS to break the current resistance level of $16, the price needs to maintain the bullish structure with new buy orders.

AXS is currently trading $15 below the 50 and 200 exponential moving averages (EMA). The $16 and $30 prices, which correspond to the 50 and 200 EMAs, continue to block AXS’ upside.

Daily (1D) resistance for AXS price – $16, $30.

Daily (1D) support for AXS price – $13.

AXS price analysis on one four-hour (4H) chart

Four Hour AXS Price Chart | Source: AXSSDT is Tradingview.com

The price of AXS in the 4H timeframe has continued to look bullish after bouncing off the $13.5 support as the price rose to $15.

AXS needs to continue its upward momentum as it faces its biggest resistance at $16.6; this price corresponds to the 50% Fibonacci retracement mark, which acts as a resistance for the price of AXS.

If AXS price breaks above this $16.6 resistance on convincing volume, we could see AXS price rise to $20.

The relative strength index (RSI) of 1 TUMA on the 4H chart is above 50, indicating buy order volume at the price of 1 TUMA.

Four hour (1H) resistance at AXS price – $16.5.

Four hour (1H) support for AXS price – $13.5.

Featured Image From Yahoo, Charts From TradingView.com 

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