- AXS Coin bulls successfully defended the $4.5 support level.
- The Average Coin Age increased by 100%, reflecting the confidence of long-term investors.
- In the short term, a decline below $4 and a rise to the $7 level could be tested.
The price of Bitcoin has started to rise again at the time of writing. Altcoins may also get their share from the recent recovery. As the Nasdaq exchange experiences a nearly 2% increase, the king cryptocurrency maintains its positive correlation in the uptrend after a long break. So, what awaits AXS Coin investors?
AXS Coin Commentary
Axie Infinity (AXS) bulls successfully defended the critical $4.50 support level amid last week’s altcoin market downturn. On-chain data tells us that increased liquidity from whale transactions provided the bulls with a much-needed lifeline. According to data compiled by Santiment, large institutional investors took action to protect the price of the popular P2E token.
The chart below shows that whales gradually intensified their trading activities over the past few days following the downturn in altcoin markets on August 17. As shown below, AXS recorded only 1 whale transaction on August 17. However, this number increased to 5 on August 21. If Axie Infinity whales continue to stay active, AXS could see further increases by staying above the $4.50 support.
AXS Coin Predictions
The rise in BTC, along with the increase in the average coin age, signals more increases for AXS Coin bulls. The Average Coin Age metric measures confidence among long-term investors. It is calculated by determining the average number of days coins have spent in their current wallet addresses. The AXS Average Coin Age doubled from 15.49 to 31.01 as of August 23, following the major drop on August 6.
The $5 resistance seems to be weakening for AXS Coin investors. In the short term, there is a sell wall at the $5.12 level that does not seem difficult to overcome. If this region is successfully surpassed, the price targeting $7 could see further increases.
However, if the downward momentum increases, the price of Axie Infinity could fall below $4 after the $4.5 support. At the time of writing, the price of Bitcoin was close to the daily peak and found buyers from $26,550. AXS Coin was close to the $5 level. The recovery in the US stock markets is expected to continue until the closing at 23:00.
