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NewsBTC 2022-08-13 20:41:50

TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

The price of Axie Infinity (AXS) has struggled recently with a few bullish signs against Tether (USDT) despite market sentiments around the project. As a result of the “Merge” sentiments, this has led to many altcoins showing relief rallies and newer altcoins making all-time highs; the price of Axie Infinity has struggled to rally despite many expectations on AXS holders. Related Reading: Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k The Merge is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) to increase its network efficiency in transactions. (Data feeds from Binance) 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 from that area and rallied to a price of $18. The price has built more momentum as it faces resistance at $19.3. If the price of AXS on the weekly chart continues with this structure, it could quickly revisit $18, acting as a good support area for buy bids. Weekly resistance for the price of AXS – $19.3. Weekly support for the price of AXS – $14. Price Analysis Of AXS On The Daily (1D) Chart The price of AXS found strong support at around $17.5, which seems to be an area of interest on the daily chart. AXS bounced from its support and has rallied as it faces resistance at $19.3. The price of AXS has continued to range in a channel; breaking out of this channel coul...

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