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Axie Infinity (AXS)Price AnalysisShiba Inu (SHIB)

SHIB and AXS Markets Strike New 7-Day Highs Owing to Bullish Influence

SHIB/USD Price Analysis

Shiba Inu (SHIB) bulls yield after achieving a 7-day high of $0.00001393 in the previous 24 hours, while bears grasp the chance to drop prices to an intra-day low of $0.00001316. The negative trend persisted as of press time, and the SHIB price had fallen by 2.52% to $0.00001346.

The market capitalization declined by 3.24% during the recession to $7,389,049,512, indicating a loss of investor confidence. Nevertheless, the 24-hour trading volume increased by 41.10% to $459,884,809, suggesting that the negative trend may not endure and that SHIB bulls may find a chance to reestablish the uptrend.

SHIB/USD 24-hour price chart (source: CoinMarketCap)

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The Bull Bear Power (BBP) level of 0.00000013 indicates that, although the bears have the upper band on the SHIB market, the bulls have not entirely given up, and there is still some confidence about the market’s future. This confidence is shown by the fact that the BBP measurement is still in positive territory, although at a deficient level.

With a value of -32.624B, the Klinger Oscillator is trending below its signal line, indicating that the bears remain in charge of the SHIB market. Yet, the BBP’s tiny positive signal shows that investors feel a comeback is in the works, even if the Klinger Oscillator suggests otherwise.

The Know Sure Thing (KST) is reading 29.4315 and advancing over the signal line, indicating that the bulls may be regaining some of their lost territory, a sign that might indicate a near-term positive market trend.

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SHIB/USD 4-hour price chart (source: TradingView)

AXS/USD Price Analysis

In the early hours of the day, the AXS market was under bear control, with the price retracing to an intraday low of $10.58. Nevertheless, bulls recovered market dominance in recent hours, driving the cost to an intra-day high of $11.35, a new 7-day high. At publication, bulls had gained 4.18% to $11.26.

During the upturn, market capitalization, and 24-hour trading volume increased by 3.50% and 36.19%, respectively, to $1,256,716,424 and $141,847,030. This gain in AXS pricing may be ascribed to increased market confidence as purchasers pushed up demand, increasing total market capitalization and 24-hour trading volume.

AXS/USD 24-hour price chart (source: CoinMarketCap)

A strong bullish trend develops as the Bollinger bands advance northward and linearly, with the upper band reaching 11.406 and the lower band touching 10.500. With the bands moving closer and the price rising, more purchasing pressure signals a surge of market confidence.

When the price of AXS approaches the top band and forms a green candlestick, traders see this as a sign of a strong bullish trend, suggesting further buying might be on the horizon should it break through the last barrier at 11.406%.

With the AXS price chart’s BBP line trending up at 0.260, bullish momentum is clear, and the price of AXS should continue to grow soon, as investors anticipate. Buyers will likely exert much pressure at this level, and the current rise will continue.

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Therefore, investors may be confident that the trend is robust and will continue to go upward as long as the Klinger Oscillator continues to trend above its signal line with a reading of 206. As a result, the AXS price is expected to continue its recent ascent, and this development has increased investor confidence.

AXS/USD 4-hour price chart (source: TradingView)

If bullish momentum is going to be maintained into the foreseeable future, bulls need to exert effort to convert the current levels of resistance into levels of support.


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Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

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