Axis Infinity is an NFT (Non-Fungible Token) marketplace that allows users to find, create, and exchange virtual gaming assets for cryptocurrencies. Based on virtual reality and blockchain technologies, Axis Infinity is an ideal network for video-game lovers. Users can play the games and receive AXS tokens as rewards for their engagement. AXS is the prime governance token of this ecosystem. Let us look at the technical analysis for AXS.
Past Performance
On Jul 13, 2021, AXS opened at $17.50. On Jul 19, 2021, AXS closed at $16.86. Thus, in the past week, the AXS price has decreased by roughly 4%. In the last 24 hours, AXS has traded between $15.02-$17.46.
Day-Ahead and Tomorrow
Currently, AXS is trading at $15.29. The price has decreased from the day’s opening price of $16.86. Thus, the market seems bearish.
The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect intermittent price pullbacks amidst a bullish trend.
Currently, the RSI indicator is at 54%. It faced rejection at 47% and rose to the current level. Hence, buying pressures are slowly mounting. High buying activity will exert upward pressure on the price.
However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further.
In a nutshell, the RSI indicator has given positive signals, while the MACD and OBV indicators have given negative signals. Thus, the overall market momentum is bearish. We have to wait and watch if the bearish trend continues or a trend reversal occurs.
AXS Technical Analysis
Currently, the price is below the first Fibonacci pivot support level of $15.51. The price may soon fall below the subsequent support levels of $14.94 and $14, respectively.
Currently, the price is below the 23.6% FIB retracement level of $15.59. It may soon fall further below the 23.6% FIB extension level of $14.44. By day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price upswing may continue tomorrow as well.
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