• Axie Infinity has fallen from $14 in the past two weeks
• Aggressive traders can wait for a move toward $12-$12.3 before looking to sell
• Both RSI and CMF showed neutral readings
AXIE Infinity Price Analysis
Bearish Market Structure
Axie Infinity has receded from $14 in the past two weeks, forming a series of lower highs and lower lows which denotes a bearish market structure. Therefore buyers can wait for a breakout past $12.3 before looking to buy.
Imbalance on Price Charts
An imbalance on the price charts extended from $9.7 to $12.2, but a good portion of this area was filled. Aggressive traders can wait for a move toward $12-$12.3 before looking to sell and risk-averse traders can wait for Monday’s open and close before entering trades. The 61% level saw a bullish reaction but it was impeded by a bearish order block at the same time.
Positive Funding Rate
The positive funding rate meant participants are still bullish on AXS despite its recent drop in price. Furthermore, the MVRV ratio (30-day) was near the zero mark which means near-term holders were not at a significant profit yet. This indicates that there is no large wave of selling pressure yet.
Caution is Key
Traders should be cautious when entering into trades since the market structure remains in favor of bears at this moment in time with an order block at $11 -$12 .3 preventing any sustained upward movement above this range . Additionally, both RSI and CMF show neutral readings which suggests that sentiment could shift either way depending on how prices react around these levels .
< h2 > Conclusion < / h2 >
In conclusion , AXS/USDT has seen some upside momentum after reaching its 61% Fibonacci retracement level , however buyers should remain cautious as there is still an order block preventing any further upside movement . A breakout past this range and further positive signals may be necessary for buyers to enter into positions again .