The bulls were able to effectively lift the prices from a 24-hour low of $5.95 to $6.29, an increase of 5.13%. The market capitalization and 24-hour trading volume also saw a surge of 5.13% to $630,010,436 and 82.99% to $57,764,719, respectively, implying that the market is becoming more volatile.
Technical Indicators Suggest the Bull Run May Continue
Several technical indicators on the AXS price chart support the idea that the current bull run may continue. The Aroon-Up, with a value of 85.71%, has crossed over the Aroon-Down, with a discount of 7.14%, indicating the start of a new uptrend. The Fisher Transform, with a value of 1.37, has also crossed over the signal line, indicating a bullish crossing. The Bollinger Bands are also widening, indicating more market volatility, and the market's upward trajectory above the bands reflects the durability of the current bull run.
MACD and BBP Indicate the Bullish Dominance May Continue
The MACD blue line, with a value of -0.02, has migrated into the negative zone, which could be a warning of a possible reversal. However, the fact that it is rising higher and moving out of the negative territory, and crossing over the signal line suggests that this bleak outlook may not come to fruition. The Bull Bear Power (BBP), with a value of 0.37, has also moved into positive territory, indicating that buyers will likely maintain control of the AXS market for the foreseeable future. This could lead to a breach of the $6.48 resistance level and the establishment of a new high shortly.
Conclusion: Bulls must sustain prices above the resistance level for the Axie Infinity trading form to continue to rise.