coinedition.com
After a negative start to the day that pushed the price to a 24-hour low of $7.74, bulls in the Axie Infinity (AXS) market have recovered. After falling to this low, the AXS market regained support, and bulls stepped in before the price broke through. The bullish intervention pushed the AXS price to an intraday high of $8.42.
This bullish domination, however, remained robust and persisted until press time, leading AXS to be priced at $8.20, a 1.21% increase in 24 hours.
The market capitalization increased by 1.90% to $934,716,080 during the bullish intervention; however, the 24-hour trading volume decreased by 3.61% to $77,059,543. This movement indicates that investors trust the market and are purchasing more shares. At the same time, the fall in trading volume might signal a temporary slowdown in market activity or a shift toward a long-term investing strategy.
The AXS price chart’s Average Directional Index (ADX) is at 31.91, so the bullish momentum is high. The trend may continue in the foreseeable future, signaling a favorable buying opportunity for traders. Yet, its downhill path raises concerns since it signals that the upswing is losing pace and that a trend reversal is possible.
The Coppock curve, on the other hand, is going north, and its reading of 25.219652 indicates that the market is still in a bullish period. Still, investors should carefully monitor any other southward movement of the trend to prevent significant losses.
With a value of 87.58, the stochastic RSI is trending below its signal line and in the overbought area, indicating that the bullish momentum in AXS may be losing steam. Traders may consider taking gains or using a stop-loss plan to minimize risk due to this overbought condition.
The Chaikin Money Flow (CMF) is in the negative range with a value of -0.04, the bullish momentum in the AXS market may be fading, signaling a possible change toward the bearish sentiment.
This movement indicates that capital inflow into the market is slowing, and traders may consider reducing long positions or even opening short ones to capitalize on the likely downward trend.
The Money Flow Index (MFI) reading of 79.99 indicates that the market is overbought and may be ready for a correction, lending credence to decreasing long positions or starting short ones.
Bulls in the AXS market push the price up; however, indicators suggest a potential shift towards a bearish trend.