Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- AXS recorded a brand new yearly low
- Destructive funding price hinted at restricted demand for AXS
Axie Infinity’s [AXS] year-long bearish swing touched new lows on 10 June, following the breach of the important thing $5.92-support degree. This important degree heralded AXS’s bullish rally that took it to its year-to-date excessive of $13.95 in January.
The itemizing of AXS within the SEC’s lawsuit in opposition to Binance and Coinbase might have contributed to its newest worth dip, with buyers taking a cautious method.
Learn Axie Infinity’s [AXS] Worth Prediction 2023-24
In Q1 of 2023, AXS adopted Bitcoin [BTC] in posting good outcomes. Nevertheless, current worth motion suggests Axie Infinity might be decoupling itself from the king coin. Particularly as BTC reclaiming the $26k worth zone had no impact on AXS.
Sellers smash important assist degree
Supply: AXS/USDT on Buying and selling View
Axie Infinity’s bearish swing from the $12.60-resistance degree in March noticed the gaming token break beneath the $9.48-support degree. A number of efforts by bulls to reclaim the assist degree yielded no end result with bears standing agency. This noticed AXS slowly decline in direction of the important thing $5.92-support degree.
This assist degree had fashioned the bottom for bullish momentum in December 2022 which noticed AXS hit its yearly highs. Nevertheless, bears took full benefit of the regulatory issues hovering round AXS to flip the important assist degree to resistance.
In the meantime, the Relative Energy Indicator (RSI) dipped aggressively into the oversold zone, highlighting sellers’ leverage within the quick time period. The OBV additionally declined by 6.61M over the past seven days, signalling waning demand for Axie Infinity.
The sharp 22% worth drop over the past 48 hours revealed the extraordinary promoting stress on AXS. As such, sellers might try to sink AXS to its November swing low of $4. On the flip facet, a possible uptrend would want bulls to shortly reclaim the $5.92-support degree earlier than pushing for a retest of the $9.48-resistance degree.
How a lot are 1,10,100 AXS price immediately?
Destructive funding price hinders bullish rebound
Supply: Coinalyze
The Funding Price knowledge from Coinalyze on the 12-hour timeframe confirmed funding charges have been persistently damaging since 6 June. This revealed an enormous decline in capital being deployed and highlighted the restricted demand for AXS.
The Open Curiosity (OI) echoed the bearish sentiment throughout the market. The OI declined alongside the value, hinting at consumers’ exhaustion. This underlined a continuation of the bearish momentum for Axie Infinity within the quick time period.
