Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation
- The flag sample, though bullish, was not superb
- AXS noticed some developments within the futures market which indicated speculators had a extra bearish stance
The crypto markets noticed a pointy bullish transfer over the previous two days. Bitcoin led the cost and posted features of 8% from the $19.3k assist zone.
The bullish sentiment behind Bitcoin translated throughout the altcoin market. Axie Infinity posted features of practically 14% in the identical interval.
Right here’s AMBCrypto’s Value Prediction for Axie Infinity [AXS] in 2022-23
Axie Infinity had been in a robust bearish development beforehand. Even now, its increased timeframe bias leaned in favor of the bears. Within the subsequent few days, the $10.1 resistance zone may very well be a hotly contested area on the charts.
Bullish flag noticed, however the 38.2% degree has different concepts
Axie Infinity dropped from $11.28 to $8.18 the earlier week. Based mostly on this transfer, a set of Fibonacci retracement ranges (yellow) was plotted. The 38.2% retracement degree was at $9.36, and this degree has not been damaged but.
Highlighted in white and blue was a bullish flag, however the formation itself was not superb. In comparison with the flagpole, the flag itself has lasted a good whereas on the decrease timeframes. A breakout above the flag will doubtless see AXS climb to $10.2-$10.4.
In the meantime, the $10.14 was a big horizontal degree. It was additionally within the neighborhood of the 61.8% retracement degree at $10.1. Due to this fact, it was doubtless that Axie Infinity will face heavy promoting stress on this space.
The RSI on the 2-hour chart was above 60 and confirmed sturdy bullish momentum. Over the previous couple of days, the OBV additionally registered increased lows. This meant that purchasing quantity was stronger on this interval.
OI tails off after the pump of the $9.4
Whereas the OBV climbed increased to point out elevated shopping for stress, the Open Curiosity really noticed a dip prior to now two days. This discovering advised that the value transfer increased noticed brief positions lined and may not be pushed by basic demand.
Contemplate the truth that AXS has been in a better timeframe downtrend since mid-August. The dearth of an accumulation part earlier than a bullish transfer indicated that this development has doubtless not shifted.
The funding rate remained bearish to point that futures market members continued to have a bearish outlook available on the market. If AXS manages to see one other leg upward, this might power these brief positions to shut and gas the bullish momentum behind Axie Infinity.