Axie Infinity Price Hints A Bearish Reversal! AXS Price To Record 10% Correction Soon?

The crypto industry has displayed significant volatility in recent days as the market has recorded constant jumps and corrections in value. Further, the top coins continue to hover close to their important levels, indicating a reduced bullish sentiment in the crypto space.

The AXS price traded in a consolidated range between $5.74 and $6.30 for a while, following which the bulls regained momentum and the price broke out of the range, but the rally was short-lived as the price faced rejection at $6.75, resulting in a pullback within the range.

After trading sideways for almost two weeks, the bulls regained momentum and jumped over 31%, after which it faced rejection and traded in a closed range between $6.30 and $6.75 for a while.

As the market regained momentum, the price regained power and successfully broke out of its key resistance level at $7.52 and jumped approximately 20%. Following this, the price faced rejection and has traded in a consolidated range between $6.75 and $7.52 since then.

The Moving Average Convergence Divergence (MACD) displays a decline in the histogram, indicating reduced buying pressure in the market. Further, the averages show a high possibility of a bearish convergence, suggesting the price will continue losing momentum in the coming time.

Will AXS Price Go Back Up?

If the bulls hold the price above the support level of $7.18, they will regain power and prepare to test its resistance level of $7.52.

Maintaining the price at that level will set the stage for AXS price to attempt to test its upper resistance level of $8.08 in the coming days.

Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $6.75. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $6.30 in the coming days.