Axie Infinity (AXS) Price Rebounds 7%, On-Chain Analysis Reveals Bullish Momentum
After a negative start to the week, the price of Axie Infinity (AXS) has rebounded 7%, briefly reaching the $6 milestone on Thursday. On-chain analysis reveals several critical data points that could generate bullish momentum in the coming days.
Main Breakdowns:
- AXS long-term holders have stopped selling, indicating a shift in momentum.
- Mean Coin Age, which gauges long-term investors’ sentiment, has increased by 28%.
- Whale investors have been buying the dip, injecting $9 million into AXS tokens.
- The In/Out of Money data shows $6.20 as a major resistance level that could prevent AXS from reaching the $7 price target.
- If the support level gives way, AXS could retest $5.
Overall, the growing confidence among long-term holders and whale investors suggests a bullish momentum for AXS, with a potential price target of $7.
Hot Take
With the recent rebound in price and positive on-chain data, it seems that Axie Infinity (AXS) is poised for further growth. The support from long-term holders and whale investors, along with the potential to break through the resistance level, indicates a positive outlook for AXS in the near future. Keep an eye on this cryptocurrency as it continues to show signs of bullish momentum.
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