Today, the bull market gains massive momentum to push the price from $6.8 to $8.4. This bullish move can end the down-trending market, only if buyers can manage to sustain the trend. Looking at the market over the space of two months, Axie Infinity has been trending downwards. The bullish activities in the market were only strong enough to reduce the steep fall of the price. However, with today’s bullish move, the direction of the market should change to the upside.
Axie Infinity Market Price Statistic:
- AXS/USD price now: $8.3
- AXS/USD market cap: 861,338,170
- AXS/USD circulating supply:99,854,113.86
- AXS/USD total supply: 270,000,000
- AXS/USD coin market ranking: #50
- Resistance: $9.0, $10.0, $11.0
- Support: $8.0, $7.0, $6.0
Axie Infinity Market Price Analysis: The Indicators’ Point of View
The bandwidth of the Bollinger band began to contract as the struggle between demand and supply peaks. The Bollinger indicator illustrates the increasing proximity between the resistance level and the support level before the breakout of today’s market. Today’s market is very bullish, but a source of major concern is if the bulls will be able to conserve the price, as it is most likely that the bear market may respond to the bullish move in the next sessions.
AXS/USD 4-Hour Chart Outlook
Looking at all the sessions that we have had so far for today, they have all been dominated by buyers. But as the bullish price approaches the $8.79 resistance level, it seems like the bull market is losing momentum. The last candle on the chart portrays the bulls holding ground against aggressive bearish resistance as they conserve an amount of the price for the fourth session of the day. The next trading session will confirm the buyers’ capability to sustain the trend.
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