Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
The $9.7 inefficiency was not fully filled. A move above $12.3 could herald the next leg up for AXS.
Axie Infinity has dropped from $14 over the past two weeks. The series of lower highs and lower lows over this period indicated a bearish market structure. Therefore, buyers may wait for a breakout above $12.3 before buying.
Read Axie Infinity’s price forecast for 2023-24
Axie Infinity has an imbalance on the price charts that has stretched from $9.7 to $12.2, but much of this area has been filled. Aggressive traders may want to wait for a move towards $12-$12.3 before they want to sell.
In general, risk averse traders can wait for Monday’s opening and closing before taking any trades.
The 61.8% level saw a bullish reaction, but a bearish order block blocked the way
Source: AXS/USDT on TradingView
Based on the move up from $7.71 to $13.94, a series of Fibonacci retracement levels (yellow) was drawn. It showed retracement levels of 61.8% and 78.6% at $10.09 and $9.04.
The $10.09 level was approached and buyers again forced AXS prices north.
Is your wallet green? Check out the Axie Infinity Profit Calculator
On January 29, Axie Infinity jumped from $11.69 to $12.3. This was followed by a sharp drop to $10.6, pushing liquidity below $11.
Therefore, the $11.7-$12.3 area is said to represent a bearish order block. This area must be overcome before buyers can anticipate another step up.
Meanwhile, both the RSI and the CMF showed neutral values. The RSI stood at 56 to indicate some bullish presence and has remained above the neutral 50 since early January.
This underlined the idea that the longer-term trend remains bullish, but traders may be wary of a shift in sentiment towards bearish due to the market structure. Caution was key, and the retest of the $12 level could be enlightening.
The 90-day flat dormant circulation meant no selloff was imminent just yet
Source: Sentiment
The positive funding rate made the participants optimistic. The MVRV ratio (30 days) was close to zero, showing that holders have not yet made significant gains in the near term. The previous peak on January 22 was followed by a major sell-off.
The 90-day dormant circulation has not had a significant spike in recent weeks. Those of December 6 and January 29 were followed by some selling pressure, but that may not always be the case.
This post Axie Infinity has support at $10.15, but bears could prevail unless…
was published first on https://ambcrypto.com/axie-infinity-has-support-at-10-15-but-bears-could-have-upper-hand-unless/
