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
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.
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.
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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