TradeCityPro | AXS: Axie Infinity's Play to Earn Dynamics👋 Welcome to TradeCityPro!
In this analysis, I want to discuss the coin AXS, which belongs to the project Axie Infinity. This coin gained a lot of hype during the previous bull run as part of a Play to Earn game.
📅 Weekly Time Frame
In the weekly time frame, we see a very large and long-term range box where the price has been oscillating between 4.221 and 12.610 since late 2022.
🔍 The SMA 99 has even entered the range, indicating a severe ranging market. I do not recommend buying this coin as it has very high inflation, and the coin has a consumptive and reward aspect in the game, leading most users to sell the coin they earn, which is why it has not been able to break out of its range box yet.
🔽 If the price breaks below the support at 4.221, it will be very challenging for AXS as a sharp and heavy drop is very likely, and selling pressure will significantly increase. The only support area below this is at 1.355.
✅ If the price manages to break the resistance at 12.610, the potential for an uptrend increases. The next resistances are at 19.426 and 44.596. The major resistance near the ATH is at 161.591.
📅 Daily Time Frame
In the daily time frame, we can observe the price behavior in more detail. As you can see, there is a descending trend line that has been driving the price downward after reaching a high of 9.534, starting as a correction but turning into a downward movement due to the volume of sales.
🔽 If support at 5.439 is broken, it confirms the end of the uptrend, and the price will return to the box between 4.306 and 5.439. If support at 4.306 is broken, the situation will worsen for AXS as, as seen in the weekly frame, there is no significant support until 1.355.
🧩 Conversely, if the price can regain upward momentum and buying volume enters the market, we can expect the price to rise. The first significant trigger is the breaking of the descending trend line, which could introduce momentum into the market. Breaking above the 50 area in RSI could also assist in this upward movement.
📈The main trigger for a price increase is breaking through 7.366, a risky move, with primary buying triggers at the resistances of 9.534 and 12.610.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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