Bulls Lose Control in Axie Infinity as Prices Drop to $8.37

  • Bears take control of the AXS price as price drops by 7.52%.
  • Support is established at $8.09 level.
  • According to technical indicators,the bearish trend may continue in the coming hours.

Bulls have taken control of the Axie Infinity (AXS) price in recent days, pushing it to an all-time high of $9.43. This has changed in the last 24 hours, as bears have entered the AXS market, driving prices down to a support level of $8.09.

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In line with this bearish trend, the Axie Infinity price has dropped by 7.52%, bringing the live price to $8.37, with an 8.58% drop in market capitalization to $820,645,429 and a 53.22% drop in trading volume to $217,376,257.

AXS/USD 24-hour price chart (source: CoinMarketCap)

This bearish momentum can be seen on the AXS 4-hour price chart, where the Bollinger Bands are converging and pointing downward, with the upper band at 9.36 and the lower band at 7.57. This indicates that there is more selling pressure than buying pressure, and traders and investors might also expect a bearish run in the near future.

The Moving Average Convergence Divergence (MACD) line is below the signal line and moving towards the negative region, indicating that the bearish sentiment may persist in the near future. The trajectory of the histogram, which has a reading of -0.11, also supports this bearish sentiment because it is in the negative region.

A reading of 50 on the Relative Strength Index (RSI) indicates a neutral level between bullish and bearish positions. This is evident in the 4-hour AXS price chart. However, the RSI line is below the signal line, indicating that bears are outperforming bulls in the Axie Infinity market.

AXS/USD 4-hour price chart (source: TradingView)

Even though the ADX is above 25 with a reading of 50.06, bearish sentiment is expected to continue as it moves toward the negative region. This makes traders and investors panic and warns them that bearish movement may continue in the coming hours.

The Stoch RSI is at 10.28, which indicates that the market is in the oversold region. This, however, does not necessarily imply that the price will rise; rather, it serves as a warning to traders that the market is approaching the extremes of its most recent trend.

AXS/USD 4-hour price chart (source: TradingView)

According to AXS price analysis the bearish sentiment is expected to persist in the coming hours, as indicated by the technical indicators.

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