- Apple’s support for Axie Infinity game on App Store sparks bullish momentum.
- AXS market witnesses surge in market capitalization and trading volume.
- Traders advised to exercise caution due to overbought market and potential volatility.
The Axie Infinity (AXS) market initially experienced a bearish trend, leading to a dip in price to a 24-hour low of $6.75. However, the market sentiment turned positive after Apple announced its support for selling the Axie Infinity crypto game (Origins) on the App Store. This development sparked a bullish momentum, propelling the AXS price to a new 7-day high of $8.06, albeit encountering resistance.
Obtaining Apple’s green light to incorporate an externally procured NFT on the App Store is a significant achievement for the AXS token. The bullish trend has taken over the AXS market, resulting in a noteworthy surge of 12.26% to $7.61.
As a testament to the growing trust of investors, AXS has witnessed a remarkable surge in its market capitalization and 24-hour trading volume. The former has soared by 12.17%, reaching an impressive $889,379,008, while the latter has skyrocketed by a staggering 711.46%, amounting to $165,775,698. These figures clearly indicate the increasing confidence in AXS and its growth potential.
The 4-hour time frame for AXS, the Keltner Channel bands exhibit an expansionary trend. The top band has reached $7.4026909, while the middle and lower bands are touching $6.8965406 and $6.3936818, respectively. This suggests a surge in market volatility.
The AXS market has witnessed a significant surge in bullish sentiment, as evidenced by the emergence of an enormous green candlestick that has propelled the price beyond the upper band. This promising development has bolstered traders’ confidence in a sustained bull run, provided that the bullish momentum remains steadfast.
According to the Relative Strength Index, the current market rating stands at a high of 74.96, indicating an overbought market that is primed for a correction. As a result, traders are advised to exercise caution and implement risk management strategies such as setting stop-loss orders or diversifying their portfolios. Taking proactive measures to limit potential losses and safeguard investments is crucial.
Based on the data presented in the chart, AXS is currently exhibiting a somewhat bearish trend, as indicated by its true average range (ATR) rating of 0.2145368. However, if the ATR line continues to ascend, it may signal an increase in volatility and potential price fluctuations. These insights can be valuable for investors seeking to make informed decisions in the market.
If the ATR experiences a decline and ventures into negative terrain, AXS’s previously robust bullish momentum may experience a reduction.
The Know Sure Thing (KST) has recently made a positive shift, exiting the negative zone with a commendable rating of 15.7714. This suggests that the AXS is gaining momentum, presenting a promising opportunity for savvy investors to enter the market and reap the benefits of the emerging bullish trend. As such, interested parties should consider capitalizing on this development.
To summarize, AXS has reached unprecedented heights thanks to Apple’s endorsement and a positive market outlook. However, it’s important to exercise prudence in light of overbought circumstances and the possibility of future volatility.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
