The final two quarters have been tough for Axie Infinity [AXS]. The GameFi has not solely been the sufferer of one of many largest crypto hacks however has additionally swayed with the bearish sentiment within the broader market.
Nonetheless, because the tides seem like shifting for good, AXS is likely to be on the verge of setting itself up for a rally quickly.
Axie Infinity and its eight-month-long downtrend
Since January 2022, AXS has been constantly declining on the charts on account of numerous causes arising because of inner and exterior elements.
Nonetheless, the GameFi token’s fall started in November after it hit its all-time excessive of $165. Since then, AXS has plunged by about 90.5% to commerce at $15 on 18 July.
In the identical length, AXS additionally misplaced three of probably the most crucial help ranges. These ranges are the three Easy Shifting Averages (SMA) that point out the place the altcoin is headed based mostly on its place.
Axie Infinity value motion | Supply: TradingView – AMBCrypto
Since November, 50-day, 100-day, and 200-day SMA, strains have been appearing as resistance ranges for AXS. This, with the bearish depth rising every single day.
Nonetheless, the 23% rise over the previous week introduced this depth down considerably.
Moreover, value indicators of late have been marking clear indicators of an increase sooner or later. The Parabolic SAR is again underneath the candlesticks after greater than two weeks, and the Relative Energy Index (RSI) is within the bullish zone after three months.
The indications spotlight the bullish help AXS has from the market. It will additional AXS in the direction of the 100-day (pink line) SMA (ref. Axie Infinity value motion picture).
An enormous contribution to this progress additionally comes from the buyers. Within the final month, AXS holders have been constantly accumulating.
Between 20 June and press time, greater than 730k AXS tokens price over $11.4 million have been purchased by buyers, thus, making it the third longest continued accumulation streak this 12 months.
Ought to all talked about indicators proceed as they’re proper now, AXS will be capable of finish the eight-month-long bear curse.
