Axie Infinity price analysis: AXS/USD set to surpass the intraday highs of  $139

TL;DR Breakdown

• Axie Infinity price prediction is bullish today.
• AXS/USD retraced to the previous high at $120.
• Buying pressure is likely to return later today.

The price of AXS/USD is currently bullish as a major retracement took place during the previous 24 hours, bringing us back to the $155 all-time peak. As a result, we anticipate AXS/USD to make additional gains later today if the $120 support holds up.

Axie Infinity price movement in the last 24 hours: AXS test $120 again

The value of AXS/USD drifted between $120.29 and $140.27 during the previous 24 hours, suggesting extensive volatility. Trading volume has decreased by 27.43 percent and stands at $2.24 billion, while the market capitalization is around $7.49 billion, putting it in 23rd place globally.

The price of AXS/USD has pushed above the $120 support level and is now nearing resistance at $140.

Momentum indicators are all in favor of a rise, suggesting that if investors do not act quickly, the rally will be brief. After bouncing around 61 yesterday, the RSI indicator has rebounded to 64.1437 today. 

AXS/USD 4-hour chart: AXS to reverse above $120?

On the 4-hour chart, we can see that the Axie Infinity price is testing the $120 previous resistance as support, suggesting a possible reversal back to the upward later today. That said, we will need to see a significant move for that to happen.

The Bollinger bands are narrowing, and the price is moving within the upper band. Volatility will increase in the day. If this pattern persists, expect Axie Infinity price movement throughout the day to be mostly range-bound between $120-$140.

AXS/USD 4-hour chart. Source: TradingView

The price of Axie Infinity rose sharply on October 1, breaking above the previous consolidation at the end of September. The $120 was the first high, followed by a slight retracement and another push to $150.

The $150 mark was broken on Monday, with a sluggish retracement following. The $120 previous major swing high tested as support, and we anticipate AXS/USD to continue rising for the next 24 hours unless the $120 barrier is breached.

Axie Infinity Price Analysis: Conclusion 

Axie Infinity has seen a lot of volatility, but it looks like the cryptocurrency is ready to break out. Today’s bearishness was sparked by the fact that the previous resistance at $120. As a result, we should see a reversal back to the upside over the next 24 hours unless AXS/USD falls back below $120.

Read our Chainlink and Litecoin price predictions.