- Axie Infinity (AXS) experienced a surge in price in the past 24 hours.
- AXS is trading closer to its daily high than its 24-hour low.
- AXS’s 24-hour trading volume increased by over 170%.
As per the latest update from CoinMarketCap, Axie Infinity (AXS) has emerged as one of the few cryptocurrencies that experienced a surge in price over the past 24 hours. AXS is currently trading at $6.91, reflecting a notable increase of 2.78%.
The current market analysis reveals that AXS is trading closer to its daily high of $7.13 than its 24-hour low of $6.54. This price surge has enabled AXS to fortify its position against the market giants, Bitcoin (BTC) and Ethereum (ETH), by a notable margin of 4.62% and 4.53%, respectively.
Despite the recent surge in price, AXS’s weekly performance remained negative at -4.79%. Nevertheless, the altcoin witnessed a remarkable surge in its 24-hour trading volume, soaring to $88,984,466, representing a staggering increase of over 170% in just one day.
From a technical standpoint, the altcoin has successfully surpassed the resistance level at $6.85, transforming it into a solid support level. In the same 4-hour cycle, AXS made a valiant effort to conquer the next resistance level at $7.11, reaching a high of $7.20. However, the 4-hour candle closed just below the mark.
As of the latest update, AXS’s 4-hour chart indicates a promising bullish flag, with the 9 EMA line poised to cross above the 20 EMA line. If this crossover occurs within the next 24 hours, the crypto’s price will probably gain the necessary momentum to transform the $7.11 resistance into a solid support level. This development is worth watching closely for investors and traders alike.
It is worth mentioning that the RSI line on the 4-hour chart displayed a bearish slope towards the oversold region. If the RSI line dips below the RSI SMA before the conclusion of today’s trading session, it may lead to a potential drop in AXS’s price below the recently-turned level of $6.85.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
