The cryptocurrency market continues to have very active days with a rise and correction curve in recent days. While leading coins remain at critical levels, the general sentiment is that bullish sentiment remains lower. While these developments continue Axie Infinity The price traded in a consolidated range between $5.74 and $6.30, after which the bulls gained momentum and the price broke out of the range, but the rally was short-lived as the price was rejected at $6.75, resulting in a pullback within the range.
After AXS traded sideways for almost two weeks, the bulls strengthened and jumped over 31%, after which the price was rejected and traded in a closed range between $6.30 and $6.75 for a while.
However, with the increase in market activity, Axie Infinity price managed to break out of the $7.52 resistance level and as a result, increased by 20%. However, the price received rejection again and returned to the consolidated range between $6.75 and $7.52.
The Moving Average Convergence Divergence (MACD) shows a decline in the histogram, indicating that the buying pressure in the market has decreased. Additionally, the averages show a high probability of bearish convergence, indicating that the price will continue to lose momentum in the coming period.
On the other hand, if the bulls continue to hold $7.18 as a support level, they will have a chance to regain strength. After this, they will make another move to break the resistance at $7.52.
Holding the price at this level will pave the way for AXS price to attempt to test the upper resistance level of $8.08 in the coming days.
However, if the trend reverses, the $6.75 support level will be critical and will be one of the critical factors that will prevent the decline to $6.30.