Axie infinity recorded an explosive surge last year, 2021, securing a place among the best-performing digital coins. However, the alt saw a substantial fall from its September high, and some of its indicators show AXS could be ready for an optimistic breakout.
Examining the AXS’s previous performance may reveal why AXS can attract bulls in the coming months or weeks. Axie infinity traded at the lows of $0.41 in January 2021. That had it printing its record lows of the year. The altcoin touched its highest mark in November 2021, trading at $166, translating to a staggering 40,000% upsurge towards the ATH.
AXS’s downward move from the all-time highs to the lowest price in 2022 shows the alt lost 74% from its record peaks. Fibo retracement during this phase showed resistance around the 0.23% Fibo level amid March bullish action. The level matches the $72 price area, and AXS has tested the zone many times in 2022.
Axie infinity’s latest price movement revealed a fascinating case where it discovered a foothold near the price range between $43 and $45. The latter remained significant since it represents a price floor that AXS saw rebounds several times.
Massive accumulation around the $43 – $45 range would see bear losing their strength. That would open the doors for bulls to dominate the alt’s marketplace. Such expectations match AXS’s on-chain indexes, which highlights imminent bullish actions. For instance, AXS supply on crypto exchanges plummeted over the past two weeks, signaling accumulation amid dips.
Lucrative Supply Metrics
Axie infinity supply on leading no-exchange wallets saw a sharp decline as March ended amidst a market capitalization surge. The divergence triggered massive reversals over the past two weeks, but the opposite emerged within the past few days. Meanwhile, April’s 2nd week sees a marginal increase in AXS held by top cryptocurrency exchanges as the market cap plunged.
The market cap and supply divergence had yielded in a market cap surge and price increase over the past three days. Meanwhile, the coinciding lower exchange supply (over the past few days) can bode well for AXS’s bullish momentum. The upcoming rally would likely meet resistance at $72, then $90. That is because these levels align with 0.23 and 0.382 Fibo levels.
