Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author
AXS made a 30% profit last week.
It also registered huge demand despite increasing sales pressure.
Axie Infinity [AXS] has recorded impressive performances every week. In the past week alone, it posted a 30% gain. But during the consistent rally, it reached an important peak value in October of $13, which could provide significant resistance to AXS’s upside momentum.
Read Axie Infinity [AXS] Price prediction 2023-24
At the time of writing, AXS was trading at $11.83 after a price rejection on a bearish order block of $11.98. The GameFi coin could fluctuate between $10.87 and $12 in the near term before attempting another test of the October high.
October high of $13: Can bulls bypass it?
Source: AXS/USDT on TradingView
Is your wallet green? look at the AXS Profit Calculator
AXS reached a high of USD 13.94 after Bitcoin [BTC] hit $23.5K. The above AXS move caused it to break above the October high of $13. However, a price correction followed, forcing AXS to retest the $10.87 support level.
AXS could retest the $13 level in the coming days, but bulls need to overcome the $11.98 obstacle. Additionally, a BTC surge above $23.5K could see AXS clear the $11.98 and $13 hurdles.
But a break below the $10.87 support level would invalidate the above bias. But the downtrend can be controlled by the 26-period EMA (exponential moving average) or the $10.02 support level.
However, an extreme downtrend could be highly unlikely as the Relative Strength Index (RSI) was bullish and the On Balance Volume (OBV) reached higher lows, showing some real demand.
AXS saw tremendous demand despite increasing sales pressure
Source: Sentiment
AXS saw more demand in the derivatives market, as evidenced by a rise in the Binance Funding Rate and a subsequent turn to the upside. A further increase in demand could push up AXS prices.
However, the Exchange Flow Balance was positive, indicating a short-term distribution as more AXS moved to exchanges as short-term holders tried to sell their positions at a profit. The near-term selling pressure could make overcoming the $11.98 and $13 hurdles more challenging.
In addition to the short-term selling pressure, AXS trading volumes also declined slightly, as evidenced by daily active addresses. This could slow down a strong uptrend in the near term, but an improvement could be registered if BTC regains the $23.5K level.
This post AXS saw huge demand, but is it enough to overcome the $13 hurdle?
was published first on https://ambcrypto.com/axs-saw-massive-demand-but-is-it-enough-to-overcome-13-hurdle/
