Daily Technical Analysis BTC On March 30 – Axie Infinity’s Ronin Network Suffers $625M Exploit

In the past few days, the market has turned green again, trends have appeared one after another such as Move to earn, play to earn, auto-staking, it seems that everyone has been excited and put strong faith in the uptrend. Just last week when everyone was fear, now they’re greed. Besides that there is a lot of good news in favour of BTC such as countries thinking about putting a legal framework for Crypto, large institutions gradually collecting BTC as a long-term investment fund, market analysts are dividing share uptrend indicators, so what is our opinion, let’s go to the analysis.

Bitcoin: Open Interest – All Exchanges, All Symbol

The number of futures orders continued to bounce back strongly again as shown. The number of opened orders is almost as high as the times when BTC peaked in April 2021 and is the highest level since December last year. If you have an overview, every time this index is high, the possibility of a short term top is approaching and beware of bottomless dumps.

Bitcoin: Short Liquidations – All Exchanges, All Symbol

The number of short orders continues to increase, especially in recent days as the market heats up there will be some parties jumping in the boat hoping this is already the top at $48,000, however with a large number of short orders this is fat a bargain to kill short.

BTC Technical Analysis

Looking at the Chaikin Money Flow (CMF), an indicator used to measure the volume of money flow over a certain period of time. CMF indicator takes into account candle closing performance relative to volume to infer relative buying/selling pressure. A crossing of the zero line often suggests a trend reversal for an asset.

Using the CMF indicator, the analyst highlights a bullish crossover above the zero line for the fifth time in the history of the benchmark cryptocurrency. Long term trend is uptrend, this takes time to happen.

Daily & 4h chart – BTC

Daily & 4h chart – BTC

Day Frame: Price has broken the triangle pattern after a series of sideways days, the price is trading above the EMA 34, 89 for uptrend. BTC makes a higher bottom with both MACD and RSI are both on a positive uptrend, giving us an uptrend that continues to be supported. Expected target $50,000-$52,000. In addition, the two Exponential Moving Average 34,89 tend to form a bullish crossover.

4h Frame: For an uptrend as the price trades above the 34,89 EMA. However buying volume decreases and price tends to be sideways in the resistance support zone $46,000-$48,000.

Signal: Sideway.

AXS Technical Analysis

After the news the gaming-focused Ronin Network reported a loss of more than $625 million in USDC and ETH on Tuesday. The exploit affected Ronin Network validator nodes for Sky Mavis, the publishers of the popular Axie Infinity game, and the Axie Dao, according to a blog post published by the Ronin Network’s official Substack. The price of AXS is reduced by 12.25% with the highest price: $71.07 and the lowest price: $63.18. Beside, Axie Infinity latest updates-Origin Game delayed for 3 Months makes players discouraged and gradually lose faith in the project, causing the price of AXS to stall.

With large selling volume and bad news about AXS, the price can reach fibo level 0.382-0.618. And if AXS continues to delay the update, it is likely that AXS will gradually lose its No. 1 ranking position in gamefi.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Alan

Coincu Ventures