Axie Infinity (AXS) Bulls Defend Critical Support Level as Whale Investors Provide Lifeline
– Whale investors have increased their trading activity, supporting the AXS price above the $4.50 range.
– The increased liquidity from whale transactions helps maintain support and may lead to further gains.
– The number of whale transactions has grown from 1 on August 17 to 5 on August 21.
– The activity of long-term holders suggests confidence in a price recovery rather than selling off.
– If market fear, uncertainty, and doubt (FUD) subside, the resilience of whales and long-term holders could trigger a mild bullish reaction in AXS price.
Potential Weakening of $5 Resistance Level for AXS Price
– Despite the bearish market momentum, AXS bulls may weaken the $5 resistance level.
– Purchase price distribution data indicates a potential rebound towards $7 if whales continue buying.
– 82 addresses have bought 534,830 AXS tokens at an average price of $5.12, posing initial resistance if they close their positions.
– If the bull can surpass this sell-wall, AXS could rally towards $7.
– However, if the bearish momentum grows, AXS price could drop below $4, with support likely from 16 holders who bought at the maximum price of $4.54.
Hot Take: AXS Price Hinges on Whale Investors and Market Sentiment
The support provided by whale investors and the confidence of long-term holders play a crucial role in determining the future price of AXS. If market FUD subsides, there is potential for a mild bullish reaction. However, the $5 resistance level remains a significant hurdle to overcome. The actions of whales and the overall market sentiment will be key factors in shaping AXS price in the coming days.
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