Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation.
The crypto market has been in a robust downtrend over the previous week however noticed a sizeable bounce previously few hours of buying and selling. Bitcoin led the cost and noticed a short-term rally from $20.5k to $22.8k. This 10% transfer upward spurred many altcoins to even have a bullish break. Axie Infinity additionally posted first rate good points from the $12.6 lows of yesterday to succeed in resistance at $16.2. Can the consumers keep this strain, or was it a pullback earlier than one other push decrease?
AXS- 1 Hour Chart
Supply: AXS/USDT on TradingView
The hourly worth chart confirmed a downtrend for AXS previously few days, characterised by a sequence of decrease highs and decrease lows. Two of the newest decrease highs are at $15.41 and $16.17 (white). Furthermore, the $15.4 space (cyan field) represents an space of provide that would have been flipped to demand previously few hours of buying and selling.
The rally from $13 to $16.2 broke above this provide zone and threatened to flip the market construction to bullish. A bullish bias can be warranted if the consumers can defend the $14.95 mark and drive AXS again above the $16.17 mark.
The Fibonacci retracement ranges (pale yellow) plotted confirmed the 38.2% retracement stage at $16.24, including confluence to this space of resistance.
Rationale
Supply: AXS/USDT on TradingView
The RSI crept above the impartial 50 line yesterday. Latest buying and selling hours compelled one other surge greater to 70 to point out short-term momentum to be strongly bullish. The OBV additionally noticed a spike upward to point important shopping for quantity behind the AXS rally.
The DMI confirmed a short-term uptrend to be in progress. Each the ADX (yellow) and the +DI (inexperienced) have been above the 20 stage.
Conclusion
The symptoms confirmed bullishness behind AXS, however the worth motion remained inconclusive. A transfer previous $16.24 might see Axie Infinity climb towards the $19 mark. In the meantime, a transfer beneath $14.95 would point out that the rally had ended.
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