Will NFT game tokens continue to grow? – AXS, SLP and SAND analysis
Axie Infinity (AXS) hit a brand new all-time excessive of $ 53.50 on July twenty seventh. It has possible accomplished a bullish pulse.
Smooth Love Potion (SLP) has created a twin management and is on the lookout for help.
Sandbox (SAND) broke a descending resistance line and hit the $ 0.78 resistance space.
AXS has been rising quickly since July twentieth. The surge continued by way of July 27, when it hit a brand new all-time excessive of $ 53.5.
This transfer appears to be like like a accomplished bullish pulse with 5 waves (orange).
The excessive got here on the confluence of the Fib resistance ranges, suggesting that the price could have peaked. The Fib ranges are the two.61 exterior Fib retracement degree of wave 4 (black) and the 1.61 Fib projection of waves 1-3 (orange).
In addition, technical indicators present weak point. MACD has proven a bearish reversal sign. The RSI and the stochastic oscillator created bearish divergence, with the latter making a bearish cross.
Daily AXS / USDT Chart | Source: TradingView
The shorter-time period 2-hour chart exhibits the retreat from all-time highs within the type of a descending wedge. AXS has now damaged out over this sample.
The motion could be a begin crossover and a sub-wave A (white).
If so, the token may bounce in the direction of the 0.5-0.618 Fib resistance space earlier than falling once more.
The major help will be discovered at $ 29.30, the 0.618 fib retracement help and the horizontal help space.
AXS / USDT 2-hour chart | Source: TradingView
- AXS hit a brand new all-time excessive on July twenty seventh.
- There is help and resistance at $ 29.30 and $ 45.50, respectively.
On July thirteenth, the SLP hit a excessive of $ 0.41. A excessive is rising above the $ 0.34 horizontal resistance space.
However, the token failed to shut above this zone and fell under it. It hit a decrease excessive on July twenty second, confirming that space as resistance and has been falling since then.
In addition, the excessive from the price degree at first of May created a double excessive.
Currently, the SLP is trading simply above the fib retracement help of 0.618 at $ 0.195. A break under this zone can set off a pointy drop to $ 0.145.
Technical indicators within the each day timeframe are falling. The RSI has fallen under 50, the stochastic oscillator has created a bearish cross and the MACD histogram has entered unfavorable territory.
Daily SLP / USDT Chart | Source: TradingView
- SLP produced a double peak sample.
- There is resistance and help at $ 0.34 and $ 0.195, respectively.
The SAND has risen since June 22, when it was trading at $ 0.146. Shortly thereafter, it broke above a descending line of resistance and rose quickly.
The uptrend continued by way of July twenty fourth when it hit a excessive of $ 0.845. The excessive got here simply above the $ 0.78 horizontal resistance space.
However, the rise was not sustained and the SAND made a protracted wick over it (purple symbol) earlier than falling under the resistance space.
The downtrend is initiated by a bearish divergence of the MACD, RSI and stochastic oscillators.
The subsequent help is at $ 0.495, the 0.5 fib retracement help and the horizontal help space.
Daily SAND / USDT Chart | Source: TradingView
- SAND has damaged out above a descending resistance degree.
- At $ 0.78, it encounters resistance.
Here you may see the altcoin costs.
Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis fastidiously earlier than making a choice. We aren’t accountable for your funding choices.
According to Beincrypto