- AXS registered a promising price increase and most figures seemed optimistic
- Market indicators, on the other hand, turned in favor of the bears
Most cryptocurrencies, no matter how large the market capitalization, managed to line up their values last week. Axie Infinity [AXS] was not discounted either as the price rose over 9% over the past seven days. However, as the price of the token rose, most investors pulled their money out, which could cause problems for the coin’s price action.
Realistic or not, here it is AXS market cap in BTC‘s conditions
Is Axie Infinity under pressure?
Thanks to the bullish market, AXS managed to increase the price by more than 9% over the past seven days, which gave hope for a further increase in the price. While the token’s price rose, investor confidence in AXS seemed to have dropped. Ali, a popular crypto analyst, recently posted a tweet highlighting that 98.67% of AXS holders were “out of money.”
With 98.67% of $AXS holders “Out of money”, #AxieInfinity is one of those altcoins that seems ready to pop! 🍾#AXS investors are not buying it, the selling pressure has been exhausted and an important support floor has been created around $4. pic.twitter.com/Ift5k2o5kH
— Ali (@ali_charts) October 23, 2023
This created a possible support level at $4. A similar trend of disbelief was also noted AXS’ action on the social front. According to Santiment, Axie Infinity’s social volume declined despite a price increase. Not only that, but negative sentiment surrounding the token was also high, as evidenced by the drop in weighted sentiment.
Source: Santiment
Although the above metrics looked bearish, AXS behaved differently as the price continued to rise. From CoinMarketCapAXS has risen by more than 4% in the past 24 hours. At the time of writing, it was trading at $4.68 with a market cap of over $661 million.
It was interesting to note that after a short sell-off, AXS’s on-exchange offering fell below its off-exchange offering. This meant that buying sentiment was dominant in the market. Not only that, but another bullish signal was the market value to realized value ratio (MVRV), which rose over the past seven days.
This can be expected from AXS
While most metrics were bullish, a look at Axie Infinity’s daily chart told a different story as most indicators were bearish. For example, the Relative Strength Index (RSI) followed a sideways path after a sharp rise.
How many Worth 1,10,100 AXSs today
The Chaikin Money Flow (CMF) also followed a similar trend of decline. In fact, AXSThe Money Flow Index (MFI) was about to enter the overbought zone, which could increase selling pressure. Nevertheless, the Moving Average Convergence Divergence (MACD) has remained in favor of the bulls in the recent past. This increases the chance of a further upward trend.
Source: TradingView
