Despite the majority of tokens trading in red on Thursday, AXS was up by over 20% in today’s session. MATIC dropped to the lowest level since April last year, while LUNA fell below $0.01 yesterday.
Axie Infinity, (AXS).
AXS saw the largest gains in cryptocurrency markets Thursday as it rallied after a three-day losing streak.
Following a low of $16.42 on Thursday, AXS/USD surged to an intraday peak of $24.26 during today’s session.
As a result of today’s rebound in price, AXS moved away from historical lows close to $13, which came in July last year, around the time of the token inception.
The recent decline in strength had pushed the 14-day RSI toward a multi-month low of 19, however, Thursday’s surge has sent this above 25.
Prices are oversold. This is a positive for bulls who want to find support points and force a shift in momentum.
If bulls decide to buy the current dip, market uncertainty will be a concern as it nears $30. Some traders might look to sell positions in order to make marginal gains.
Polygon (MATIC).
Although LUNA was down by almost 100% in today’s session, markets have already begun to accept the demise of the token.
MATIC is a remarkable mover and a token that hasn’t yet reached its end but was notable on Thursday.
MATIC/USD slipped to an intraday low of $0.4769 in today’s session, which is its lowest point since April 2021.
Today’s move has pushed price strength off the charts, with the 14-day RSI now trading at a low of 23, which is also a long-term support level.
Although history has shown that the floor is not broken, current market conditions may cause prices to fall further.
In recent days bears had already reached the $0.4000 threshold. But, it was not enough. Should the floor at 23 be broken, there will probably be another attempt to reach this level.
Is MATIC able to find some firm support for this week? If so, at what level. We would love to hear your comments.
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