Ethereum Axie Infinity Price Analysis: October 15, 2021
Ethereum seems to be exhibiting a lot of positive correlation to Bitcoin as it closes the gap to $4,000. As reported, BTC has returned above $59,000 and moving toward trading above $60,000. If the relationship continues, the two assets could hit all-time highs at the same time.
Meanwhile, most altcoins are red, with Shiba Inu retracing the most to trade around $0.000026. The token has struggled to the price above $0.00003, but technicals suggest that a pullback to $0.00002 is possible in the coming days.
Ethereum has finally broken the stubborn seller congestion at $3,800. This move appears to have transformed the second-largest technical outlook, with investors gazing toward the ultimate lift past $4,000.
A comprehensive look at the Moving Average Convergence Divergence (MACD) indicator suggests that buyers have the upper hand. At the start of October, a buy signal was sent and has been sustained ever since. In the meantime, the MACD is above the mean line, emphasizing the bullish picture.
At the same time, the Relative Strength Index (RSI) adds credence to the bullish grip as it gradually rises to the overbought area. Higher support is required, preferably above $3,800, to secure the quest for $4,000 and $4,400, respectively.
ETH/USD Daily Chart
Axie Infinity bulls resumed the uptrend after taking refuge above the chart’s demand zone highlighted in green. A subsequent break above the resistance at $120 and the 50 Simple Moving Average (SMA) triggered more buy orders as bulls aimed for all-time highs around $155.
Currently, AXS trades at $135 in the wake of a resistance encountered at $145. Buyers are keen on embracing higher support to keep declines at bay. The MACD shows that the uptrend still has weight, and as long as the 12-day EMA stays above the 26-day EMA, the odds will favor the bulls.
AXS/USD Four-Hour Chart
On the downside, the 50 SMA is in line to support Axie Infinity if losses gain traction. Further down, buyer congestion is anticipated at $120 and the green zone, respectively.Source