Axie Infinity rolled out updates that boosted sentiment within the metaverse and gaming community as they deliver on vital points of their roadmap.
The update is a key element to involve more game creation within the ecosystem by developers thus widening the spectrum for utility in Axie Infinity. This resulted in a 50% gain for the governance token this week as it rose from 7$ to $10.40.
The Dollar is pushing up as the retracement trade continues its momentum. It broke through the resistance at $105.5 and we have seen Bitcoin and Ethereum break to the downside at the same time. Bitcoin and Ether are expected to trade downwards until support levels are hit.
Not much data releases this week that can influence price action for the Dollar, thus crypto, so we should keep an eye out for technical indicators during this low fundamentally-driven week.
In today’s DIFX Analytics, we’re going to look into the following assets:
AXS spiked up after updates from Axie Infinity
AXS pushed up as much as 50% this week as updates were rolled out from Sky Mavis for Axie Infinity. The updates were a major step forward for the web3 game and investors were motivated by the team sticking to the roadmap and executing their plans.
This is a major step forward for blockchain gaming and we should see more updates over the bear market as developers are encouraged to build during this time. The token is currently trading at 8.67 but saw highs of $160 in November 2021.
Bitcoin is seeing some bearish sentiment
Bitcoin is sliding to the downside. We saw the asset break the moving averages, signaling bearish price action.
The RSI fell beneath 50 indicating a reversal is imminent. We should see some negative moves in the near term.
Ether is expecting more downward movement
Ether is approaching the trend line to break downwards as the Dollar pushes up. We have seen a slight triangle being formed as ETH consolidated.
The hourly chart indicates a reversal as RSI divergence has occurred. We can see the asset falling to $1200 levels with the Dollar seeing more bulls.
Gold has formed a descending triangle pattern
Looking at the 15 min chart for Gold, we can see that a descending triangle has been formed which signals downside pressure. We can expect the triangle to be broken to the downside with bears until the support line at $1760.
Traders should keep an eye on the support and resistance levels indicated on the chart for guidance on how to manage their trades.
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DIFX shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee, or implication by DIFX that the forecast information will eventuate, that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses in particular if the conditions or assumptions used for the forecast or mentioned in the analysis do not eventuate as anticipated and the forecast is not realized.
