Coin Edition -
- Bulls defended AXS at an important $4 region as sellers got exhausted.
- AXS may retrace but a recovery above the recent highs depends on the lack of distribution shown by the OBV.
- Traders are opening more short positions, indicating a bearish sentiment around AXS in the futures market.
Despite being one of the top performers of the 2020-2021 bull market, many Axie Infinity (AXS) bag holders have since been left deep in the red. Although several altcoins that had a similar performance to AXS have recovered slightly, AXS has faced a double-digit decline over the past year.
Respite comes to AXS
According to CoinMarketCap, the token’s 365-day performance was an underwhelming 44.11% decrease. But according to crypto analyst Ali Martinez, AXS holders who are “out of the money” could soon heave a sigh of relief.
With 98.67% of $AXS holders "Out of the Money," #AxieInfinity is one of those altcoins that looks ready to pop!