Axie Infinity Price Analysis: AXS/USD preparing for a rally against $77 ATH

TL;DR Breakdown

• Axie Infinity price analysis is bullish for today
• The overall cryptocurrency market is trading within the green zone
• Bulls made a huge step  after they topped an all-time high at $77.48 on the 11th of August 

Axie Infinity Price Analysis: General price overview

Axie Infinity price analysis is bullish for today after the market bounced from yesterday’s low close to $71 in the early morning hours. This was a huge step for the bulls after they topped an all-time high at $77.48 on the 11th of August and retraced 10 points lower. The current rally is an attempt to recover the overhead support at $75 and consolidate enough momentum to set high targets above $80.

Axie Infinity’s native token, AXS, has been in a strong bull run for the last few weeks. However, after the coin began hitting fresh highs, traders started to take profits off the table as prices climbed too high. Therefore causing the virtual currency to retrace towards lower highs.

The overall cryptocurrency market is trading within the green zone. Market leaders Bitcoin and Ethereum have gained 1.50 and 2.30 percent respectively. Dogecoin posted a record gain of 11 percent in the last 24 hours, hence becoming the best performer. Cardano is the worst performer with a loss of 2.20 percent.

Axie Infinity price movement in the last 24 hours

AXS/USD traded within a daily range of $67.6 – $71.042, indicating moderate volatility in the last 24 hours. Axie Infinity trading volume fell by 4.24 percent to $844 million. On the other hand, the total market capitalization for Axie Infinity rose by 3.56 percent to approximately $4 billion. 

Axie Infinity 4-hour price analysis

On the 4-hour Axie Infinity price analysis, the coin is attempting to break resistance at $69. A price hurdle that’s been pulling the bulls towards $65. The coin has already witnessed strong advancement between $70 and $77, and there are high chances of testing those previous highs in the upcoming hours. At the time of writing, AXS/USD is trading at $68.744. 

A break above $70 may clear the path to $81 or even the psychological hurdle of 100, but a breakdown below 20-day EMA could lead to a deeper correction.

Axie Infinity price analysis conclusion

Axie Infinity price analysis is bullish for today as we anticipate the digital currency to record new upsides in the next 24 hours. We hence expect the bulls to come in stronger and support a consolidation that will take the price above the ATH of $77. 

Source: https://api.follow.it/track-rss-story-click/v3/tHfgumto13BUV4v-m3jJzh-xWH3zZqEA