$AXS
That spike on October 4 was impossible to miss.
The 4-hour chart shot straight from 1.19 to 1.45, with $34.3 million in volume on a single candle. For an old GameFi token that usually sees only a few million in volume per 4-hour candle, a sudden surge to that level isn’t something retail traders can pull off.
So what happened next? In less than two days, the price slid from 1.45 to 1.29. It wasn’t a sudden crash, but a slow bleed lower—two consecutive bearish candles, with volume shrinking each time. The latest 4-hour candle had just $900,000 in volume. The volume ratio was 0.09—just 9% of the average for the previous 20 candles.
Honestly, you don’t see a volume ratio like that very often.
The message is clear: the buyers who drove the price up have left, and those waiting to buy aren’t in a hurry. The market is waiting.
Chart signals: 1.45 is the high for this move and the short-term ceiling. 1.2952 is the low touched today; below that, 1.1949 is the consolidation range from October 3. The price rose from 1.20 to 1.45, then fell back to 1.29—a complete pump-and-pullback cycle. The current price of 1.2966 is right around the lower half of the range. Stuck in the middle.
Market sentiment: Down 5.49% over 24 hours, but the decline hasn’t been evenly distributed. This isn’t a panic sell-off; it’s a slide on shrinking volume. Panic selling comes with rising volume. Shrinking volume suggests holders don’t want to sell, while people on the sidelines don’t want to buy either. Indifference. Harder to trade than panic.
Whale activity: The surge in volume during the early hours of October 4—from 18.5 million to 34.3 million—looks like major players entering the market. But there was no follow-through. The candle at 00:00 on October 5 still had 12.8 million in volume; by 04:00 it was down to 4.3 million, then 3.6 million at 08:00, and just 900,000 at 12:00. Volume faded in stages. The big players have either finished selling or are waiting for a better price. There’s no third possibility.
Volume-price structure: A classic high-volume surge followed by a low-volume pullback. Textbook. What happens next depends on whether 1.20 holds. If it does, the market may be building strength for a second push. If it doesn’t, this run is over.
Candlestick details: The latest five 4-hour candles—1.357→1.302→1.315→1.306→1.296. Both the highs and lows are moving down. A textbook descending channel. If 1.2952 breaks, the next support to watch is 1.20. If it rebounds, 1.35 is the first resistance level.
AXS is a familiar name in the GameFi sector. It’s the governance token for Axie Infinity, a standout from the 2021 bull market. The price is now down more than 90% from its peak, and its market cap has shrunk to a fraction of what it was back then. A rebound in an old token can be driven either by a revival in the sector or by a whale trying to save its position. Judging by the volume behind this surge, the latter seems more likely.
Nini’s plan: At the current price of 1.2966, my bias is bearish. Don’t chase it. If it stabilizes near 1.20 on shrinking volume, you could try a small long position, with a stop-loss at 1.14. Consider reducing your position if it rebounds above 1.35. With a token sliding lower on shrinking volume, the biggest mistake is trying to catch the bottom halfway down. Wait for a clear signal.
If you need a customized strategy, you can reach out to Nini.
#AXS #GameFi #OldCoinRebound
That spike on October 4 was impossible to miss.
The 4-hour chart shot straight from 1.19 to 1.45, with $34.3 million in volume on a single candle. For an old GameFi token that usually sees only a few million in volume per 4-hour candle, a sudden surge to that level isn’t something retail traders can pull off.
So what happened next? In less than two days, the price slid from 1.45 to 1.29. It wasn’t a sudden crash, but a slow bleed lower—two consecutive bearish candles, with volume shrinking each time. The latest 4-hour candle had just $900,000 in volume. The volume ratio was 0.09—just 9% of the average for the previous 20 candles.
Honestly, you don’t see a volume ratio like that very often.
The message is clear: the buyers who drove the price up have left, and those waiting to buy aren’t in a hurry. The market is waiting.
Chart signals: 1.45 is the high for this move and the short-term ceiling. 1.2952 is the low touched today; below that, 1.1949 is the consolidation range from October 3. The price rose from 1.20 to 1.45, then fell back to 1.29—a complete pump-and-pullback cycle. The current price of 1.2966 is right around the lower half of the range. Stuck in the middle.
Market sentiment: Down 5.49% over 24 hours, but the decline hasn’t been evenly distributed. This isn’t a panic sell-off; it’s a slide on shrinking volume. Panic selling comes with rising volume. Shrinking volume suggests holders don’t want to sell, while people on the sidelines don’t want to buy either. Indifference. Harder to trade than panic.
Whale activity: The surge in volume during the early hours of October 4—from 18.5 million to 34.3 million—looks like major players entering the market. But there was no follow-through. The candle at 00:00 on October 5 still had 12.8 million in volume; by 04:00 it was down to 4.3 million, then 3.6 million at 08:00, and just 900,000 at 12:00. Volume faded in stages. The big players have either finished selling or are waiting for a better price. There’s no third possibility.
Volume-price structure: A classic high-volume surge followed by a low-volume pullback. Textbook. What happens next depends on whether 1.20 holds. If it does, the market may be building strength for a second push. If it doesn’t, this run is over.
Candlestick details: The latest five 4-hour candles—1.357→1.302→1.315→1.306→1.296. Both the highs and lows are moving down. A textbook descending channel. If 1.2952 breaks, the next support to watch is 1.20. If it rebounds, 1.35 is the first resistance level.
AXS is a familiar name in the GameFi sector. It’s the governance token for Axie Infinity, a standout from the 2021 bull market. The price is now down more than 90% from its peak, and its market cap has shrunk to a fraction of what it was back then. A rebound in an old token can be driven either by a revival in the sector or by a whale trying to save its position. Judging by the volume behind this surge, the latter seems more likely.
Nini’s plan: At the current price of 1.2966, my bias is bearish. Don’t chase it. If it stabilizes near 1.20 on shrinking volume, you could try a small long position, with a stop-loss at 1.14. Consider reducing your position if it rebounds above 1.35. With a token sliding lower on shrinking volume, the biggest mistake is trying to catch the bottom halfway down. Wait for a clear signal.
If you need a customized strategy, you can reach out to Nini.
#AXS #GameFi #OldCoinRebound