Axie Infinity maintained a bullish view in the immediate term as it attempted to switch $49 to support, while Aave soared past recent highs. Bitcoin’s near-term bullishness and efforts to break over the $40.8k resistance level have pushed the value of altcoins such as Dash higher as well. Zcash was also on a roll recently, as its longer-term market structure moved in favor of bulls.
Axie Infinity (AXIE)
On the basis of AXS’s swing lows and highs of $41.9 and $61.32, a set of Fibonacci retracement levels (yellow) was plotted. The 61.8 percent retracement level for this move was established at $49.32. This level has acted as a stumbling block during the last week.
The price has pushed above this near-term supply zone over the last 24 hours and was seeking to switch it to demand at press time. The RSI remained above neutral 50, while the DMI continued its strong upward trend, with both the ADX and the +DI (yellow and green) moving over the 20 level.
On longer timeframes, ZEC has been bullish, breaking out past resistance at $145, dipping to $136 in search of liquidity, and then rising above $150 once more. On shorter timescales, momentum was substantially bullish, although the OBV declined somewhat. The $155.7 level has previously served as both support and resistance, and ZEC appeared to fall below it.
To the south, a return to the $145 region would almost certainly represent a purchasing opportunity. To the upside, $172 is likely to operate as a resistance level.
AAVE soared from $112.9 to $150.9 in late February and then retraced practically the majority of this advance. Based on this move, Fibonacci retracement levels were established, revealing that the $120.6 and $127.1 levels were significant. AAVE has been battling the $120 resistance for the last week. AAVE has climbed above this level in the last couple of days, retested it on demand, and then surged higher.
Although the RSI fell out of overbought zone in recent weeks, it maintained a strong upward momentum. The CMF was much greater than +0.05, indicating a big inflow of capital into the market. A retest of $130 may provide an opportunity to buy.
Earlier this week, the $96 region (cyan box) worked as a bullish order block, while the $102 region (red) acted as a zone of supply. As a result, it appeared plausible to purchase at the $95-$96 area and sell at the $102 local highs.
DASH was trading above $96 at the time of writing and had reverted to a demand state. The higher lows, combined with the lower highs of the previous week and a half, signaled an impending bout of volatility. The OBV was horizontal and contracting, while the RSI was 49.9, indicating neutral momentum.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.