Axie Infinity had a massive breakout a few hours before the time of writing. During the previous intraday session, AXS had one of its largest candles. For the first time in more than twenty days, it made an attempt at gaining stability above $10.
It opened trading on Monday at $6.8 and had a big burst above $10. On the 4-hour chart, we see a massive change trajectory after it surged above its 50-day Moving Average. This was the start of the uptrend.
We noticed that the coin experienced massive resistance at $8.8 but flipped it eight hours later. This time, it broke and surged to a high of $10.4 and faced massive rejection. Nonetheless, it closed at $8.7 and registered gains of more than 27%.
AXS tried to retest the $10 resistance a few hours ago but failed. The current intraday candle shows that the altcoin faced another rejection. It peaked at $9.9 and failed to surge above the highlighted mark. Aside from major resistance at the said mark, the altcoin is struggling to hold another key level.
Axie Infinity Sees Massive Selling Congestion
After failing to break the $10 resistance for the second time, AXS is currently struggling to hold on to accumulated gains. As at the time of writing, it is seeing massive selling congestion at $9.
The battle for dominance seems to be raging as over the last two hours prices remained stagnant around $8.9 and the main support. The tussle also had notable impact on prices. A look at the 4-hour chart reveals some good news for the bulls.
We observed that the 50-day MA is close to an interception with the 200-day MA. Such crossing on a small timeframe as this is an indication of a build up to more price improvements. A look at the daily charts places the Relative Strength Index at 65.
With the impending golden cross, we may expect an increase in buying pressure. This may send the Axie infinity above $10 and towards other resistance.
