Axie Infinity (AXS) has ended July retesting its monthly resistance mark at around $18.5. Remember, this price level served as a support zone in May before June’s stretched slump. Nevertheless, AXS’s recent price movements reveal notable observations that could reflect what the asset might see in August.
AXS has mimicked the trends of the broad crypto industry, with the latter recovering beyond the $1 trillion mark. That meant an improved mood in the cryptocurrency market, pushing most alternative tokens higher. AXS was among the assets that rode the bullish waves, surging approximately 37% from mid-week lows.
The resulting surge saw the alt retesting its monthly resistance zone. Nevertheless, the massive bullish strength slightly pushed beyond the resistance before selling momentum emerged. A crucial observation amid the recent upsurge us bulls grew stronger.
For instance, the uptick propelled AXS’s price beyond $18.50 to explore the $20 high. However, the altcoin plunged to $18.44 during this publication, showing that the resistance might be active. Nevertheless, the push beyond the resistance confirmed increased strength by AXS bulls.
Weaker resistance and massive bullish strength mean the altcoin might witness further uptrends. AXS not dipping into overbought, despite the enormous mid-week upsurge, supports this narrative. Meanwhile, Axie Infinity’s on-chain indexes could highlight the altcoin’s potential moves in the coming sessions.
AXS’s 3-month dormant circulation noted a slight increase on July 29, probably because of profit-booking following last week’s brief surge. Nevertheless, this increase was minor compared to the mid-month hike, after which the altcoin’s realized cap saw significant drops. This observation shows that large wallet investors have purchased AXS around its latest bottom.
The realized cap remained at monthly lows during this publication, meaning the altcoin didn’t see massive selling this week. Axie Infinity’s whale transaction metric for transfers worth more than $100,000 hit the 13 transactions high. Transactions worth $1M on that day climbed to three transactions.
AXS’s transactions within the past two days likely confirm profit-booking as investors remained active following a substantial upsurge. Nevertheless, the absence of more sell strength during this publication shows any subsequent near-term pressure could be restricted.
Editorial credit: David Esser / shutterstock.com
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