Axie Infinity (AXS) price has been struggling recently with some bullish signs against Tether (USDT) despite market sentiments around the project.
Following the “Merge“feelings, this has led to many altcoins showing relief rallies and new altcoins reaching all-time highs; Axie Infinity’s price has struggled to recover despite high expectations from AXS holders.
The merger is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) to increase its network’s efficiency in transactions. (Binance Data Feed)
Axie Infinity (AXS) Price Analysis on the Weekly Chart
From the chart, the price of AXS saw a weekly low of around $14.2, which bounced off that area and rallied to a price of $18.
The price gained momentum as it faces resistance at $19.3.
If the price of the AXS on the weekly chart continues with this pattern, it could quickly retrace to $18, acting as a good support zone for buy offers.
Weekly resistance for AXS price – $19.3.
Weekly support for the price of AXS – $14.
AXS price analysis on the daily chart (1D)
AXS price found strong support at around $17.5, which appears to be an area of interest on the daily chart.
AXS bounced off its support and rallied as it faces resistance at $19.3. AXS price continued to move within a channel; Breaking out of this channel could push the price of AXS up to $28.
At the time of writing, the price of AXS is at $19.27, above the 50 exponential moving average (EMA) with a price of $17.5.
If AXS price successfully maintains the $17.5 support, we could see price rising with a successful breakout of the channel; if the price of AXS is rejected, $17.5, which corresponds to 50 EMA, will be a good support for the buys.
The Relative Strength Index (RSI) for the AXS price on the daily chart is above 55, indicating healthy buy offers for the AXS.
Daily resistance (1D) for AXS price – $19.3.
Daily support (1D) from AXS price – $17.5.
AXS price analysis on the four-hour (4H) chart
AXS price continued to range within a channel having resistance at $19.3.
AXS is trading above the 50 and 200 EMA with prices at $18.4 and $17.3, acting as its support on the 4H chart if AXS price is rejected due to weekend selling .
If AXS price holds above the 18.4 support with the right volume, we could see prices moving out of the range channel. If AXS experiences a sell-off, the 50 and 200 EMA prices would support AXS prices.
Four-hour (4H) resistance for AXS price – $19.3.
Support for four hours (4H) for AXS price – $18.4, $17.3.
Featured image from Coin News, Charts from TradingView.com