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The price of Bitcoin has started to rise again as this article is being written. Altcoins can also benefit from the recent recovery. While the Nasdaq stock exchange is experiencing an increase of nearly 2%, the king of cryptocurrencies is rising after a long hiatus, maintaining its positive correlation. So, what can investors expect from AXS Coin?
AXS Coin Review
Axie Infinity (AXS) bulls successfully defended the critical support level of $4.50 amidst the recent downturn in the altcoin market. On-chain data suggests that increasing liquidity from whale transactions has provided a much-needed lifeline for the bulls. According to data compiled by Santiment, large institutional investors have taken action to maintain the price of this popular P2E token.
The chart below shows that whales have gradually intensified their trading activities in the past few days after the altcoin markets experienced a decline on August 17. As shown below, AXS recorded only one whale transaction on August 17. However, this number increased to five on August 21. If Axie Infinity whales continue to remain active, AXS could experience further growth while staying above the $4.50 support.
AXS Coin Predictions
BTC‘s recent surge, coupled with the increasing average age of coins, indicates further growth for AXS Coin bulls. The Average Coin Age metric measures the confidence among long-term investors. It is obtained by calculating the average number of days that coins spend in their current wallet addresses. The AXS Average Coin Age doubled from 15.49 to 31.01 as of August 23, following a major drop on August 6.
The resistance at $5 for AXS Coin investors appears to be weakening. There is a sales wall at the level of $5.12 that is not difficult to overcome in the short term. If this area is successfully surpassed, the price targeting $7 could experience further growth.
However, if the downward momentum increases, the price of Axie Infinity could drop below $4 after the $4.50 support. At the time of writing this article, the Bitcoin price is near its daily peak and finding buyers at $26,550. AXS Coin, on the other hand, is close to the $5 level. The recovery in US stock markets is expected to continue until the closing at 23:00.
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