AXS Reaches New All-Time High, Gaming Tokens Could Follow

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In Brief
  • AXS reached a new all-time high price on October 4.

  • SLP has broken out from a descending wedge.

  • SAND has broken out from a descending resistance line.

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Axie Infinity (AXS) reached a new all-time high price on October 4.

Small Love Potion (SLP) has broken out from a descending wedge and has bounced at the $0.065 support area.

SandBox (SAND) has broken out from a descending resistance line and is approaching its all-time high price.

AXS

AXS has been moving upwards since it broke out from a descending resistance line on Sept 23. The legitimacy of the breakout was increased by the fact that both the RSI and MACD are moving upwards. 

The upward movement greatly accelerated on Oct 1 with a significant bullish candlestick. On Oct 4, the token reached a new all-time high of $153.79.

The next closest resistance area is created by the 2.61 external Fib retracement resistance level of the entire drop. It is at $169. Neither the MACD nor RSI have shown any bearish signs. Therefore, there is no weakness in the current trend.

AXS High
Chart By TradingView

Highlights

  • AXS has broken out from a descending resistance line.
  • It reached a new all-time high price on Oct 4.

SLP

SLP had been decreasing inside a descending wedge since reaching an all-time high price of $0.41 on July 13. The downward movement continued until a low of $0.055 was reached on Sept 21. 

Afterwards, the token bounced and validated the $0.065 area as support. On Oct 1, it finally managed to break out from the wedge and accelerated its rate of increase on Oct 4. 

The breakout is supported by both the MACD and RSI, which are increasing. The latter has even moved above the 50 line. 

The closest resistance areas are at $0.19 and $0.23. These are the 0.382 and 0.5 Fib retracement resistance levels.

SLP Wedge
Chart By TradingView

Highlights

  • SLP has broken out from a descending wedge. 
  • It has bounced at the $0.065 support area.

SAND

SAND has been moving upwards since Sept 29. The next day, it broke out from a descending resistance line that had been in place since the Aug 30 all-time high price of $1.20.

The ongoing breakout is supported by both the RSI and the MACD. The former has just moved above 50 while the latter has crossed into positive territory. 

The closest resistance area is at $0.97. This is both a horizontal resistance area and the 0.618 Fib retracement resistance level when measuring the entire drop. 

If the token manages to clear it, the next resistances would be the $1.20 all-time high and the $1.58 area, created by the 1.61 external Fib retracement level.

SAND Breakout
Chart By TradingView

Highlights

  • SAND has broken out from a descending resistance line.
  • There is resistance at $0.97.

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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