The final two quarters have been tough for Axie Infinity [AXS]. The GameFi has not solely been the sufferer of one of many largest crypto hacks however has additionally swayed with the bearish sentiment within the broader market.
Nonetheless, because the tides look like shifting for good, AXS is perhaps on the verge of setting itself up for a rally quickly.
Axie Infinity and its eight-month-long downtrend
Since January 2022, AXS has been persistently declining on the charts on account of varied causes arising on account of inner and exterior components.
Nonetheless, the GameFi token’s fall started in November after it hit its all-time excessive of $165. Since then, AXS has plunged by about 90.5% to commerce at $15 on 18 July.
In the identical length, AXS additionally misplaced three of essentially the most important assist ranges. These ranges are the three Easy Transferring Averages (SMA) that point out the place the altcoin is headed based mostly on its place.
Since November, 50-day, 100-day, and 200-day SMA, traces have been performing as resistance ranges for AXS. This, with the bearish depth rising day by day.
Nonetheless, the 23% rise over the previous week introduced this depth down considerably.
Moreover, worth indicators of late have been marking clear indicators of an increase sooner or later. The Parabolic SAR is again underneath the candlesticks after greater than two weeks, and the Relative Energy Index (RSI) is within the bullish zone after three months.
The indications spotlight the bullish assist AXS has from the market. This may additional AXS in the direction of the 100-day (pink line) SMA (ref. Axie Infinity worth motion picture).
A large contribution to this progress additionally comes from the buyers. Within the final month, AXS holders have been persistently accumulating.
Between 20 June and press time, greater than 730k AXS tokens price over $11.4 million have been purchased by buyers, thus, making it the third longest continued accumulation streak this yr.
Ought to all talked about indicators proceed as they’re proper now, AXS will have the ability to finish the eight-month-long bear curse.
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