AXIE INFINITY PRICE ANALYSIS & PREDICTION (January 17) – AXS Forms Bullish Pattern But No Enough Volume, Can It Advance Higher?
Today saw Axie through a small increase following a steady recovery from a key level in the past weeks. It is forming a bullish on the lower timeframe but volume remains low at the moment.
As most altcoins witnessed in the recent bullish cycle, AXS saw a notable recovery as it rallied to a multi-month high of $11.1 for the first time in ten months. It later initiated drops and lost momentum.
After two weeks of constant drops, it found support at around $7 earlier this month and started to regain strength. It managed to tap $9 last week but later rolled back after failing to push higher.
The price bounced back again and pushed to where it is changing hands at $8.3. While the volatility is currently low, the crypto is forming a bullish pattern on the 4-hour chart.
Looking at the daily chart, the bulls are struggling to push the price back but the buying volume seems low at the moment. If they regroup well in the coming hours, we may see a surge above last week’s high. Such price movement would validate the mentioned bullish pattern.
However, if they find it difficult to regroup, the price may fall back to look for another solid level for a rebound. Nevertheless, it remains bullish and may see more recovery in the future.
AXS Key Levels To Watch
Source: Tradingview
While the price currently faces the $8.5 resistance, the next line of resistance for an increase is $9.6. A higher resistance level to keep in mind is $11.15, followed by a breakout to $12.5.
Right now, the $7.5 and $6.9 levels are held as support since the start of the year. If those support breaks due to a meltdown, the next level to consider for drops would be $6 and $5.2.
Key Resistance Levels: $8.5, $9.6, $11.15
Key Support Levels: $7.5, $6.9, $6
Spot Price: $8.3
Trend: Bullish
Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Filed under: Bitcoin - @ January 17, 2024 4:20 pm