Despite the majority of tokens trading in red on Thursday, AXS was up by over 20% in today’s session. While LUNA dropped below $0.01 earlier today, MATIC was another notable crypto to fall, dropping to its lowest point since last April.
Axie Infinity (AXS)
AXS was one of the biggest gainers in crypto markets on Thursday, as prices rallied following a three-day losing streak.
Following a low of $16.42 on Thursday, AXS/USD surged to an intraday peak of $24.26 during today’s session.
As a result of today’s rebound in price, AXS moved away from historical lows close to $13, which came in July last year, around the time of the token inception.
The recent decline in strength had pushed the 14-day RSI toward a multi-month low of 19, however, Thursday’s surge has sent this above 25.
Ultimately, prices are still oversold, which is one of the only positives for bulls looking to find a support point, and eventually force an upward shift in momentum.
Should bulls choose to buy this current dip, they will likely face market uncertainty the closer it gets to $30, with some traders likely looking to liquidate positions to secure marginal gains.
Although LUNA was down by almost 100% in today’s session, markets have already begun to accept the demise of the token.
However, a token which has not yet met its end, but a notable mover on Thursday nonetheless, is MATIC.
MATIC/USD slipped to an intraday low of $0.4769 in today’s session, which is its lowest point since April 2021.
Today’s move has pushed price strength off the charts, with the 14-day RSI now trading at a low of 23, which is also a long-term support level.
Despite history showing that this floor has never been broken, the current market conditions could potentially push prices further down.
Bears have already targeted the $0.4000 level in recent days, however to no avail, should the floor of 23 break, we will likely see another move towards this level.
Could MATIC find a firm level of support this week, if so at what level? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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