The Ripple Effect from Grayscale’s Victory
The bearish Axie Infinity (AXS) long-term holders are not swayed by Grayscale’s landmark victory as the price remains below $5. On-chain data analyzes the chances for AXS bulls scaling the $5 sell wall in the coming days.
Whale Investors Pushing for More Gains
- Axie Infinity whales have been stacking up their bags weeks before the Grayscale ruling.
- Between August 16 and August 30, the whales added 1.63 million tokens to their cumulative AXS balances.
- The positive disposition of the whales could result in more gains for AXS price in the coming weeks.
Long-Term Holders Capitalizing on Price Bounce
- Axie Infinity has recorded noticeable spikes in Age Consumed, indicating increased trading activity among long-term holders.
- Multiple spikes in AXS Age Consumed mean that many long-term holders are cashing out.
- The cashing out of long-term holders will pose significant resistance to the bullish whales’ efforts.
Consolidation Around the $4.80 Range
- Chances of a significant breakout above $7 are slim unless whales enter another buying frenzy.
- The In/Out of Money Around Price data shows that significant resistance could come from wallet addresses that bought AXS tokens at the minimum price of $5.13.
- If the bulls push past that resistance level, Axie Infinity’s price could hit $7.
- If the support level at $4 cannot hold, AXS’s price could drop below $4.
Hot Take
The bearish sentiment among long-term holders and the resistance from wallet addresses that bought at higher prices may prevent AXS from significant gains in the near future. However, if the positive disposition of the whales continues and the bulls manage to break through the resistance, there is potential for AXS price to reach $7. The market remains uncertain, and both bullish and bearish scenarios are possible.
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