A supersonic rally in the Axie Infinity market that saw its native token AXS surge by 972% in just 23 days is now risking exhaustion.
AXS price Fib fractal
The AXS/USD exchange rate plunged to as low as $16.02 on Monday, four days after topping out at $29.86. In doing so, the pair attempted to neutralize its extremely overbought sentiments, as flashed by its daily relative strength index (RSI) that treaded above 84 last week, showcasing profit-taking sentiment among investors.
Comparing Axie Infinity’s current and mid-March Fibonacci setup. Source: TradingView.com
AXS/USD showed signs of rebound at $16.38, a level that coincides with the 61.8% Fib level that—in turn—constitutes a Fibonacci retracement graph made from $23.98-swing high to $4.07-swing low. The two levels represent the top and bottom of the AXS/USD’s current curve range.
Additional support came from the pair’s 20-day exponential moving average (20-day EMA; the green wave). The wave (now near $15.38) was instrumental in strengthening AXS/USD’s upside bias at the beginning of