Here’s How Axie Infinity (AXS) Readies for a 30% Surge despite Massive Correction
Axie Infinity saw rapid drops after BTC lost its foothold on March 6. Bitcoins’ sudden downswing found most alts, including AXS, off guard, translating to swift declines. However, Axie infinity seems postponed for massive recoveries. I
Can Bulls Launch A Recovery?
AXS price movements between January 24 and February 7 saw the altcoin climbing to $71.93 from $44.34, forming a base for the upcoming sessions. The altcoin deviated beneath the range low on February 23, catalyzing a whopping 80% surge that ultimately diverged beyond the range peak.
Nevertheless, Axie infinity could not sustain the strength despite the massive bullish action, translating to a downward move. The alt lost approximately 31% after the 2nd trial failed to steady beyond the $71.93 range peaks, currently changing hands at $54.69. Since AXS trades beneath the 50% retracement area, a swift recovery beyond the level might indicate buyers’ resurgence.
That way, market players can expect a swift move beyond the $71.93 range highs. That would translate to a 30% return from AXS’s current price. Nevertheless, traders waiting for the alt to successfully overturn the hurdle at $5.13 into support will mean the ascent constituting a 23% surge.
The deposit metric supports Axie infinity’s bullish intent. This on-chain indicator tracks AXS flows into centralized exchanges. Investors can use downticks or spikes from the index to identify local bottom and tops.
Massive inflows show that market players are ready to trim their holdings for profit realization. A string of these investors might lead to a pullback. Nevertheless, AXS’s active deposits touched 9. 86 following a climb to 23 on April 6.
The downtick shows investors’ interest in profit-booking diminished, reducing sell-off potentials. Thus, AXS will likely see a bullish move (from a logical view).
While everything appears up for AXS, a 12hr candle close under the $44.34 range low will cancel the alt’s bullish theory. In such cases, enthusiasts can see massive downswings towards a stable support floor.
For now, the crypto space flashes slight recoveries following the latest slump. While writing these lines, the global cryptocurrency market capitalization hovered at $2.03 trillion, gaining 1.07% over the previous 24 hours.
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