According to crypto analyst James Obande, Axie Infinity (AXS) is preparing for a $20 rally. The analyst notes that it is difficult for AXS price to rise above $15. However, he sees it possible to adjust it to make a difference. We have prepared the analyst’s analysis of the popular metaverse coin project Axie Infinity for our readers.
Price analysis on weekly chart for Metaverse coin
As you follow on Kriptokoin.com, the price of AXS dropped from $ 70 to $ 10. It even struggles to stay afloat during bear season. The price of AXS has shown a glimmer of hope lately. It also rose from $13 to $15 as more buyers bought this coin. AXS hit a weekly low of $11 before meeting resistance to a breakout and recovering at $14. The price of AXS remains above $13 as it has proven to attract buyers.
AXS had good volume ahead of the new weekly close. Besides, the price has moved from this region to $15 as it looks promising. If AXS continues with this volume over the weekends, it is possible for AXS to meet its first major resistance, $20. Weekly resistance for AXS price is at $20. Weekly support for the Metaverse coin stands at $13.
AXS price analysis on daily chart
After falling to the daily low of $13, AXS price on the daily chart bounced off this zone, forming a decent support. The price rallied to the $15 region with good buyer volume ahead of daily and weekly closes.
Daily AXS price chart / Source: TradingviewThe price must maintain a bullish structure with more buy orders for AXS to break above the current $16 resistance level. AXS is currently trading at $15 below the 50 and 200 Exponential Moving Average (EMA). Prices at $16 and $30, corresponding to the 50 and 200 EMA, will continue to prevent AXS from rising further. Daily resistances for AXS price are at $16 and $30. The daily support level for the Metaverse coin is at $13.
AXS price analysis on the four-hour chart
The price of AXS on the 4-hour timeframe continued to rise after bouncing from the $13.5 support while surging at $15. AXS needs to continue its bullish momentum as it faces the main resistance at $16.6. This price corresponds to the 50% Fibonacci retracement mark, which acts as a resistance for AXS.
Four-hour AXS price chart / Source: TradingviewMeanwhile, if AXS rises above this $16.6 resistance with convincing volume, we could see it rise to $20. The Relative Strength Index (RSI) for 1INCH on the 4H chart is above 50. This shows the buy order volume for the 1INCH price. The four-hour resistance for AXS price is at $16.5. Four-hour support for the Metaverse coin stands at $13.5.
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