Axie Infinity (AXS) Price Analysis: Bulls Eye Rebound as Bears Break Support
Axie Infinity (AXS) bears have finally broken down the $6 support level after multiple attempts, leading to a month-long sell-off. As losses continue to mount, the bulls are now making efforts to stage an early rebound. Here’s what the on-chain data suggests:
- AXS price has dropped to $5.37, entering the oversold territory.
- The Network Value to Transaction Volume (NVT) ratio has rapidly dropped, indicating overselling.
- The MVRV data shows that current holders are unwilling to sell due to double-digit losses.
- The In/Out of Money (IOMAP) data indicates a potential rebound from the $5 range.
- If the support level at $5 fails, the next supply wall at $4.50 could prevent a panic sell-off.
While the bears currently hold sway, the low prices and oversold status could allow AXS bulls to stage a rebound. If the predicted support levels hold, a rebound is likely. However, if resistance levels are broken, AXS could head towards $7.
Hot Take: Despite the recent sell-off, the on-chain data suggests that there is potential for a rebound in Axie Infinity (AXS) price. The current oversold status and the support levels provide opportunities for the bulls to regain control. Keep an eye on the $5 and $4.50 levels as they could determine the direction of AXS in the coming days.
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