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 but noticed a sizeable bounce prior to now 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 additionally have a bullish break. Axie Infinity additionally posted respectable positive aspects from the $12.6 lows of the day gone by to achieve resistance at $16.2. Can the buyers keep this stress, or was it a pullback earlier than one other push decrease?
AXS- 1 Hour Chart
The hourly worth chart confirmed a downtrend for AXS prior to now 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). Moreover, the $15.4 space (cyan field) represents an space of provide that would have been flipped to demand prior to now 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 buyers can defend the $14.95 mark and pressure 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 the day gone by. Recent buying and selling hours pressured one other surge larger to 70 to indicate 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. Both the ADX (yellow) and the +DI (inexperienced) had been above the 20 stage.
The indicators confirmed bullishness behind AXS, but the value motion remained inconclusive. A transfer previous $16.24 might see Axie Infinity climb towards the $19 mark. Meanwhile, a transfer under $14.95 would point out that the rally had ended.