AXS shows some short-term strength but a resolute resistance zone looms ahead

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Bitcoin [BTC] wobbled between $20k and $19.9k in the twelve hours preceding press time. It has failed to recapture the $20.4k-$20.5k region as support in the past few days. The short-term bias for Bitcoin was bearish, and a revisit of the $19.2k mark could materialize.

Despite this backdrop, Axie Infinity [AXS] had some upward momentum and looked likely to register some gains in the coming hours. Caution was advisable and a risk-averse trader could wait for AXS to reach resistance to short the asset rather than entering a long position.

Source: AXS/USDT on TradingView

The one-hour chart showed a significant amount of volatility in the past few weeks. For the most part of the past two weeks, AXS has traded between the $14.84 resistance and the $13.2 support. The ascending cyan trendline has also served as support over the past few days.

The price managed to climb above the $14 mark and flip it to support (cyan box). A retest of this area could offer a buying opportunity with a tight stop-loss set just below $13.77.

The $14.8 region (red box) and the $15.4 region can be used to take a profit. However, given the uncertainty behind Bitcoin, aggressive profit-taking could be beneficial. The weekend has arrived and lowered liquidity could see large moves within a short span of time.

The 21 and 55-period moving averages have snaked about one another in recent days to highlight the lack of strong momentum.

Source: AXS/USDT on TradingView

The Relative Strength Index (RSI) climbed back above neutral 50 the previous day. However, it has not really breached the 60-65 region over the past week. Hence, it was