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Axie Infinity (AXS) is showing signs of a surge in its trading price.
As of 5:08 am EST, AXS is trading at $5.77, reflecting a slight 1.9% drop in the past 24 hours and a 4.5% decline over the past week.
Despite these recent fluctuations, the overall trend indicates growth potential soon.
The chart illustrates a significant development for AXS as it breaks through the bearish trendline following a series of downtrends characterized by two lower lows and two lower highs.
The price action appears to be confined within a falling wedge pattern, which has acted as a springboard for the price to break above the wedge’s upper boundary.
This move above the wedge signifies a promising indication of a potential bullish rally ahead.
Investors and traders may view this breakout as a solid signal to consider long positions, anticipating further upward momentum in the price of AXS.
However, there is a possibility that the price might plunge further in the short term to the previous support level of $4.52.
Afterward, the bulls might get an opportunity to regroup and fly the price high, nearly reaching the previous resistance level of $13.94.
AXS Price Action Indicates Fallback to Support Level
The price action in AXS suggests a potential further decline, possibly heading toward the previous support level.
The price appears to be delicate, trading around the 50-day moving average, acting as a crucial support level.
Adding to the bearish sentiment is the moving average crossover at $9.32, indicating increased selling pressure. The price remains below the 200-day moving average, reinforcing the overall bearish trend.
The relative strength index (RSI) also reinforces this bearish outlook, pointing downwards towards the oversold region at 39, suggesting that the asset may be under significant selling pressure.
However, there is a glimmer of hope for the bulls. If the price rebounds around the 30 mark on the RSI, it could indicate a surge in buying pressure coinciding with a possible double-bottom trading pattern.
This pattern can give the bulls the necessary momentum to increase prices and reverse the current downtrend.
Traders and investors should closely monitor the price movement around these key levels and patterns to make informed decisions based on the evolving market conditions.
Given the bearish trend, caution is advised, but opportunities for a potential bullish reversal may arise if the above scenarios appear favorably.
Based on the analysis above, the current price suggests a potential short-term bearish trend toward the support level of $4.52. However, if the 50-day moving average remains strong, the price may reach $11.41.
Investors looking to diversify their crypto portfolios amid the uncertain performance of AXS and its bearish pressure should consider exploring alternative opportunities in the crypto space.
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Wall Street Memes ($WSM)
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The native token of Wall Street Memes, $WSM, has generated significant interest from investors, successfully raising over $20.6 million and approaching its presale hard cap of $21.9 million.
The token’s current price of $0.0328 is projected to rise to $0.0331 in its next stage, providing early investors an advantageous position once it gets listed on exchanges.
Slowly realising this 9-5 shit is gonna be forever, and I'm not suddenly going to wake up a millionaire pic.twitter.com/lDInqhDvZR
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Early investors stand to gain massive returns due to this potential price increase. Additionally, 30% of the token is allocated for community rewards, ensuring future airdrops for token holders.
With its unique financial approach and growing support from the crypto community, $WSM shows promise for those seeking alternative investment opportunities beyond traditional cryptocurrencies.
Wall Street Memes has the potential to emerge as a prominent gem in the meme coin space, offering investors who missed out on past presales a passive income source.
Due to the rapid sell-out speed of the tokens, the presale might conclude earlier than anticipated.
Investors can seize this opportunity at a low price and acquire $WSM by connecting the digital wallets to the token website and swapping their BNB, ETH, and buying directly from the bank using their bank card before its listing on decentralized exchanges (DEX).
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