Is it possible that Axie Infinity (AXS) is poised to break out of its two-month range, with bullish signs making their intentions evident? This is a question that many investors are asking, and it’s clear that the market dynamics are shifting. However, it’s important to note that this analysis does not represent financial, investment, trading, or other types of advice. Rather, it’s an interpretation of market trends and patterns – a reflection of the “bulls intentions clear disclaimer the presented constitute financial investment trading types advice solely writer’s opinion”.
A Sudden Rally
AXS experienced a sudden, large rally that surpassed the highs of a seven-week range. The Fair Value Gap (FVG) and liquidation levels provide some insight into how deep a retracement could extend before the next leg upward.
Despite Bitcoin’s bullish strength sparking a race in the crypto market, a closer examination of AXS reveals that most token holders were “out of the money”. After the selling pressure eased, a support zone was established at $4.
The Breakout and Resistance
The recent breakout past $5 halted at $6, a higher timeframe resistance zone that acted as support back in July and August. The resistance at $5.7 was not convincingly beaten yet. In the past two days, AXS hovered just below $5 for a few hours before pushing higher to $6, representing gains of over 20%.
The Relative Strength Index (RSI) remained above neutral 50, signaling a bullish trend in progress on the four-hour chart. The On-Balance Volume (OBV) spiked higher, indicating a large influx of trading volume. This volume arrived during the breakout and reinforced the idea of bullish intent.
Future Predictions
The market structure was also bullish on both the H4 and the daily charts. The Fibonacci retracement levels highlighted significant places on the chart where AXS could retrace to. $5 and $4.47 have confluence with the range high and mid-range marks respectively.
The large Fair Value Gap (FVG) suggested a dip to $5.4 before another move higher was possible. The cluster of liquidations around just above $5 was a clue for buyers. The Cumulative Liq Levels Delta was green and fairly large for a token the size of AXS. Therefore long positions could get hunted before a consolidation and the next move.
If you’re wondering whether your portfolio is green, you might want to check out the Axie Infinity Profit Calculator on cryptoview.io. This platform provides a wealth of information and tools to help you make informed decisions about your crypto investments.
As we navigate this exciting time in the crypto market, it’s important to stay informed and make decisions based on careful analysis. Whether you’re a seasoned investor or new to the game, understanding the dynamics of the market is key to success.
