Leading games asset, Axie Infinity ($AXS,) and stablecoin-pegged, global payment facilitation token, Terra ($LUNA) may be down from, recently set, all-time highs, but they don’t seem out of the fight yet. Both crypto assets’ technicals indicate that both markets may be getting ready to tear past previous highs and find higher prices.
We’ve analyzed both assets to get a picture of what could occur in the next few days to weeks, price action-wise that is. Here’s what we reckon of the two markets.
$AXS is a digital asset attached to the – current – top blockchain game. Styled similarly to Pokemon, players use the token to purchase Axies, the cute, collectible critters that populate the game. The Axie Infinity game has been such a great source of income, for a good number of players, that they’ve gone on to quit their jobs and become full-time players.
The $ASX chart, viewed through Huobi charts, streamed via TradingView, may currently be flashing red, but technicals are rather strong. The market, having opened at $142.50, on the day, and performing a slight climb to the $143.34 level before hemorrhaging value to the tune of $11.09 (marginal,) coming to a – current – daily low of $132.25.
At the time of press, the $ASX price is down 18.1% from an all-time high of $164.41 and ranges just below the $147 resistance level. This morning’s sharp selloff looks to be the market’s way of setting up for a strong price surge – assuming it doesn’t break below $130 – $122, that is.
Stochastic RSI readings show the market to be in the oversold condition, while the MACD indicator tells of a slight drop in market momentum, though things are still in the green – overall. The Ichimoku’s Chikou Span may be dipping, but is still well above the price action, which tells us that the market may still be in a healthy condition – barring a further slide. We may see $ASX reach $200 – or more – soon.
Terra‘s $LUNA token, on the other hand, also fell victim to a Morning Attack which saw its price break below the $49.50 support level. The selloff halted just above the next support level of $44.53, establishing a current daily low of $45.02.
$LUNA has – at present – achieved a daily high of $50.05 after opening at $49.63. At the time of writing, the digital is priced at $45.42, down about 8% on the day, however, that doesn’t necessarily spell the end of the asset’s bullish climb, as indicators tell of impending bullish momentum.
With the Stochastic RSI showing a bullish confirmation in the oversold zone, the MACD – which is yet to break bullish – is still above the histogram, though momentum has dropped, a bit, on account of recent corrective conditions. The market’s volume also indicates that the bears may be running out of steam, and may soon give way to more bullish pressure.
The market has been in an upward channel since about $10, back in late July. With Leading Spans pointed bullish, and Chikou span registering higher lows – above price action – this market may be poised for a run-up to the $80-$100 (at least) price range before the close of the year.