Axie Infinity is on a roll; here is where traders can look to join the AXS bull party – Crypto News – Crypto News
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Axie Infinity is on a roll; here is where traders can look to join the AXS bull party – Crypto News

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3 years ago

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer.

  • Axie Infinity sees a strong bullish market structure developing
  • The sharp bullishness recently despite weakness across the market suggested that the asset might have far more room to expand to the north.

Axie Infinity gained nearly 35% in the past two days alone. Buyers have defended the $6 level of support with vigor in recent weeks. Bitcoin also rallied in the same period from $15.6k to $17k, but AXS has gained nearly 50% compared to BTC’s 9%.

read Axie Infinity’s Price Prediction 2023-2024

Axie Infinity launched an initiatives that would see it progress gradually towards decentralized. Yet, a recent article highlighted how longer-term holders were holding the token at a loss. Technical analysis showed that a strong move upward was underway, and a buying opportunity could present itself on a pullback.

The strong recent performance of Axie Infinity bolsters bullish confidence.

Source: AXS/USDT on TradingView

On 5 December, Axie Infinity registered a strong spurt upward in prices. In doing so it broke the market structure from bearish to bullish on the daily timeframe. Important horizontal levels at $8.8 and $7.64 were broken, and $8.8 has been retested as support on lower timeframes.

On the six-hour chart, a fair value gap was spotted in the $7.35-$8.1 area. Highlighted in cyan, this FVG can be retested shortly. Although AXS has rocketed higher on large trading volumes, a pullback was still possible. The Relative Strength Index (RSI) showed strong bullish momentum while the On-Balance Volume (OBV)’s swift gains were indicative of hefty demand in the markets.

Traders looking for a good risk-to-reward buying opportunity can wait for a retest of $8.8 on lower timeframes. A move below this level could see Axie Infinity dip towards $8, which could also interest buyers. Invalidation of this idea would be a drop below the recent higher low at $6.6.

The mean coin age was on the rise, and network growth was encouraging as well

Axie Infinity on a roll, here is where you can join the bull party at

Source: Santiment

The enormous spike in demand for AXS seen on the OBV in recent days seemed to have some correlation with the network growth. The large moves upward on this metric showed new addresses created on the network, and the surge suggested an influx of users.

At the same time, the mean coin age (90-day) was also on the rise. This showed AXS didn’t move around a lot but stayed in their wallets, which in turn suggested accumulation across the network.

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