Axie Infinity (AXS) is up over 45% but not yet free from fear of the cross

Axie Infinity’s native cryptocurrency, Axie Infinity Shards (AXS), rose on September 23 as the market watched the listing event on two major trading platforms Bitfinex and Bitstamp.

AXS price rose 15.52% to an intraday high of $ 69.86, making up for any losses earlier in the week. The intraday rally came as part of an overall bullish retracement that began on September 21 when AXS was trading at $ 48.05.

AXS 4-Hour Price Chart | Source: Tradingview

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On September 20, the entire market was shaken by news that Chinese real estate giant Evergrande is in default but is still the biggest home builder. Fearful of a property bubble like 2008, cautious investors withdrew capital from the stock market and sought refuge in the US dollar.

The crypto market has fallen along with global stocks, with leading digital assets Bitcoin and ETH back near multi-week lows. As a result, other top tokens fell concurrently, with AXS falling from $ 63.99 on September 20 to $ 48.05 on September 21 – a 24.55% drop.

However, from September 22-23, almost all of the top cryptocurrencies rallied. So it looks like AXS is just following the trend. The fundamentals, however, are significantly stronger, in particular notification the addition of trading pairs on Bitfinex and Bitstamp has helped AXS outperform most of the leading competitor tokens.

For example, BTC has increased more than 3% in 24 hours while AXS has increased more than 10% over the same period.

analysis capability

AXS’s latest purchase has helped avoid the current potential death threats.

In particular, there is a risk that AXS ’20-day exponential moving average (EMA) could slide below the 50-day EMA. Analysts often view the short-term MA, which closes below the long-term MA, as a “sell indicator” known as a “death crossover”.

For example, the following chart shows a bearish crossover between the 20-day EMA and the previous 50-day rate, resulting in a price decline of more than 50%.

Daily price chart of AXS and Set up delivery Cut death | Source: TradingView

The death cross setup is offset by AXS’s Daily Relative Strength Index (RSI), a price momentum indicator that has recently bounced back from near oversold levels and signals an upward move in the coming days.

At the same time, the uptrend is reinforced from the psychological support near USD 51.9. Traders recently used the above floor as entry point A, as shown in the graphic below.