WAVES prices surged by almost 60% on Tuesday, leading gainers in crypto markets during today’s session. This move took prices to a 20-day high, and came as AXS also rallied, climbing by over 25% earlier in the day.
WAVES was one of Tuesday’s biggest gainers, as prices rose by nearly 60% earlier in today’s trading session.
Following recent lows, and a bottom of $6.00 to start the week, WAVES/USD rose to an intraday peak of $10.15 today.
Tuesday’s surge comes after prices continued to rise from last week’s floor of $3.86, which was WAVES’ lowest level since January 2021.
From trading at support, WAVES now looks set to hit resistance which is at $12.30, and has not been reached since May 11.
Despite gains fading throughout the session, prices are still currently trading at their highest point since this date, and as of writing sit at $8.69.
The 14-day RSI is hovering at a two-month high, and is slightly below its own ceiling at 53.80, which must be broken for WAVES bulls to reach the $12 mark.
Axie Infinity (AXS)
Although there were multiple tokens to climb by over 20% on Tuesday, as crypto bulls maintain recent sentiment, it was AXS that was the second biggest mover.
The token, which derives from blockchain gaming ecosystem Axie Infinity, rose to an intraday peak of $27.82 on Tuesday.
This surge comes as it was announced that game developer, Sky Mavis, had revealed its first round of games to be hosted on the Axie Infinity blockchain.
Looking at the chart, today’s gains have since eased, as AXS hit its long-term resistance level of $28.00.
Prices have not passed this point since May 9, and it seems that bears used this as an ideal time to re-enter the market, as bulls began to exit, securing profits in the process.
Despite this, the 10-day and 25-day moving averages have moved closer to one another, further increasing the chances of an upwards cross.
Should this happen, this ceiling will be broken, with traders targeting a higher level ceiling at $35.
Will bulls be able to break above the $28 ceiling this week? 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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