AXS Reaches New All-Time High – Will Other NFT Tokens Follow?

Share Article
In Brief
  • AXS reached an all-time high on July 7.

  • SAND has broken out from a descending resistance line.

  • CHZ is trading inside a descending parallel channel.

  • promo

    BIT Launchpad: Up To 3,500 FREE BIT. Don’t Miss The Beat. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Axie Infinity (AXS) has broken out from the $10.80 horizontal resistance area and reached a new all-time high on July 7.

Sponsored



Sponsored

The Sandbox (SAND) has broken out from a descending resistance line.

Chiliz (CHZ) has been trading inside a descending parallel channel since March 12.

Sponsored



Sponsored

AXS

AXS has been increasing since it reached a low of $1.80 on May 19. After creating a higher low on June 22, it greatly accelerated its rate of increase. 

This led to a new all-time high of $16.70 being reached on July 7. In only fifteen days, AXS increased by 484%. However, the token has been moving downwards since. 

Nevertheless, it is still trading above the $10.80 horizontal area. The area previously acted as resistance in April, and is now expected to act as support.

Chart By TradingView

A closer look shows that the movement since June 22 resembles a completed five wave bullish formation. 

In addition, it shows that AXS is trading right at the 0.382 Fib retracement support level at $11.30. The 0.5 Fib retracement support level is at $9.70, also being a horizontal support area.

While it could reach this area in the short-term, it would still be more likely to close above the previously outlined $10.80 horizontal support area in the long-term.

Chart By TradingView

Highlights

  • AXS reached an all-time high on July 7
  • There is support at $11.30 and $9.70.

SAND

SAND has been following a descending resistance line since March 28, when it reached a high of $0.90. On June 22, it reached a low of $0.146. It has been moving upwards since.

On July 3, it broke out from a descending resistance line. This led to a high of $0.533 being reached on July 8. However, the token was rejected by the 0.5 Fib retracement resistance area at $0.526 and has been moving downwards since. 

Nevertheless, technical indicators are still bullish. The MACD, RSI & Stochastic oscillator are all increasing. The RSI is above 50 and the Stochastic oscillator has made a bullish cross.

Chart By TradingView

A closer look shows that the upward movement resembles a five wave formation with an extremely extended fifth wave (orange). The sub-wave count is given in black. 

If correct, SAND is in sub-wave four of wave five.

If correct, the token could increase towards the 0.618 Fib retracement resistance level at $0.61 before correcting.

Chart By TradingView

Highlights

  • SAND has broken out from a descending resistance line.
  • It is in wave five of a bullish impulse.

CHZ

CHZ has been trading inside a descending parallel channel since March 12, when it reached a new all-time high of $0.94. Such channels often contain corrective movements. On May 23, it bounced at the support line of the channel. 

While it has been increasing since, it has failed to reclaim the middle of the channel. The token is currently trading just above the $0.20 horizontal support area. 

Technical indicators are relatively neutral. The RSI is right at the 50 line, the Stochastic oscillator has just made a bullish cross, and the MACD is nearly positive.

Despite the fact that CHZ is trading inside a descending channel, the trend cannot be considered bullish until the middle of the channel is reclaimed.

Chart By TradingView

Highlights

  • CHZ is trading inside a descending parallel channel.
  • There is support at $0.20.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

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.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

BIT Launchpad: Up To 3,500 FREE BIT. Don't Miss The Beat.

Join Now!