AXS noticed huge demand, however is it sufficient to beat $13 hurdle?

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion

• AXS posted 30% positive aspects previously week.
• It additionally recorded huge demand regardless of mounting promoting strain. 

Axie Infinity [AXS] has been recording spectacular weekly performances. It posted 30% positive aspects previously week alone. However its constant rally noticed it hit a key October peak worth of $13 that would show a major resistance to AXS’s upward momentum. 

Learn Axie Infinity [AXS] Value Prediction 2023-24

At press time, AXS traded at $11.83 after going through a worth rejection on a bearish order block at $11.98. The GameFi coin might oscillate between $10.87 and $12 within the brief time period earlier than trying a retest of the October excessive. 

The October excessive of $13: Can bulls bypass it?

Is your portfolio inexperienced? Try the AXS Revenue Calculator 

AXS reached a excessive of $13.94 after Bitcoin [BTC] hit $23.5K. The above AXS transfer noticed it break above the October excessive of $13.Nonetheless, a worth correction adopted afterward, forcing AXS to retest the $10.87 assist degree. 

AXS might retest the $13 degree within the subsequent few days, however bulls should clear the impediment of $11.98. In addition to, a BTC surge past $23.5K might see AXS overcome the $11.98 and $13 hurdles. 

However a break under the $10.87 assist degree would invalidate the above bias. However the downtrend could possibly be saved in examine by the 26-period EMA (exponential transferring common) or the $10.02 assist degree. 

Nonetheless, an excessive downtrend could possibly be extremely unlikely as a result of the Relative Power Index (RSI) was bullish, and the On Stability Quantity (OBV) has been making larger lows, exhibiting real demand. 

AXS noticed huge demand regardless of mounting promoting strain

AXS noticed extra demand within the derivatives market, as evidenced by a rise in Binance Funding Fee and a subsequent flip to the constructive aspect. Additional enhance in demand might prop up AXS costs. 

Nonetheless, the Alternate Circulate Stability was constructive, indicating a short-term distribution as extra AXS moved to exchanges as short-term holders sought to promote their holdings for a revenue. The short-term promoting strain might make overcoming the $11.98 and $13 hurdles more difficult. 

Along with the short-term promoting strain, AXS’s buying and selling volumes additionally dipped barely, as proven by the each day energetic addresses. This might delay a robust uptrend momentum within the brief time period, however an enchancment could possibly be recorded if BTC reclaims the $23.5K degree.