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Sellers’ momentum is increasing
Axie Infinity (AXSUSD) Price Analysis – 07 December
An increase in the bulls’ pressure may break up the $10 level which may increase to $11 and $12 resistance levels. When sellers exert more pressure to break down the support level of $8, then, Axie may reduce to $7 and $5 support levels.
AXS/USD Market
Key Levels:
Resistance levels: $10, $11, $12
Support levels: $8, $7, $5
AXS/USD Long-term Trend: Bullish
Axie Infinity is bullish in the daily time frame. The coin was under bears’ control and this led to a price reduction to the support level of $5. The price moved within the $5 and $7 levels for more than two weeks. On 05 December, there was a strong bullish momentum movement, it was like a spark, and the price increased above the resistance level of $8 and tested the resistance level of $10. At the moment, the price is pulling back to retest $8 resistance level.
At the moment, Sellers are dominating the market on the daily chart, the price action is struggling to break down the support level of $8. An increase in the bulls’ pressure may break up the $10 level which may increase to $11 and $12 resistance levels. When sellers exert more pressure to break down the support level of $8, then, the price may reduce to $7 and $5 support levels. The Relative Strength Index (14) is moving up at 61 levels indicating a bullish movement.
AXS/USD Medium-term Trend: Bullish
Axie Infinity was ranging in the 4-hour chart last two weeks. The bearish pressure made the price bottom at the $5 support level. The bears lose their momentum, likewise, the bulls could not push up the price. This scenario leads to ranging movement but on 05 December, the bulls gain more pressure to push up the price to the $10 level, The bears defended the mentioned level and the price is retesting the $8 level at the moment.
The price is trading between the 9-periods EMA and 21-periods EMA as an indication that retracement is ongoing. The Relative Strength Index period (14) is at 60 levels and the signal line points down to indicate a sell signal. Axie received a few investors last week after long time of no investor while IMPT is receiving ever-increasing investors daily.
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