Axie Infinity (AXS) The price was followed closely by analysts for a while. According to analysts’ expectations, AXS would be able to achieve a 40% increase in a short time. However, the price hasn’t been very good for the past few days. The strengthening of the dollar in the global markets also negatively affected the crypto money markets.
AXS price has now set a bottom at $26.11, it will also act as a level to be used by the bulls to close above $31.38. If the bulls are successful in this rise, they will retrace the losses they erased during April and try to rise as high as $44.45.
Axie Infinity May Return to Monthly Pivot
Axie Infinity was caught in a bearish surprise over the weekend as the bears failed to fold their shorts and boosted those last few dollars in gains. The Relative Strength Index (RSI) broke the 30 level and traded deeply in the oversold zone. As the sell-side volume dried up, the bulls saw an opportunity to rebound and then buy above $31 and began extending the price action to $31.
AXS priceIt is very critical for the market to stay and close above the $31 level until the close of Monday and until Tuesday. If this close occurs, the $31 level will be confirmed as support and the monthly pivot will be available for a return to the critical level at $44.45. If this return is achieved, not only will the losses of April be erased, but it will also be possible to take some profit, thus an overall increase of 40%.
Some negative news came from the geopolitical side as well, after India tripled its purchase of Russian oil and angered the US and European bloc in the process. Germany wants to extend an olive branch to India to get them to change their minds by inviting India to the G7. As this sets the stage for more aggression on the battlefield, moves in the opposite direction could also occur as the dollar’s strength recedes from under $20 to $19.59 or even $14.05.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.