Axie Infinity (AXS) Retests Previous All-Time High as EOS Finally Climbs – Multi Coin Analysis

BeInCrypto takes a look at the price movement for seven cryptocurrencies, including Bitcoin (BTC), which despite the sharp drop on Nov 10, is holding on above horizontal support.

BTC

Bitcoin (BTC) decreased considerably on Nov 10 and created a bearish engulfing candlestick. This is a type of bearish candlestick that negates the entire previous increase and more. 

BTC bounced once it reached the $63,500 support area (green icon). The $63,500 level also coincides with an ascending support line, this it is likely to be a very strong support level.

Chart By TradingView

ETH

Ethereum (ETH) has been increasing inside an ascending wedge since Oct 28. The wedge is considered a bearish pattern, meaning that a breakdown would be expected in the majority of cases.

Furthermore, it is approaching a resistance level at $4,850, created by the 1.61 external Fib retracement resistance level.

Therefore, it is possible that ETH will reach a local top soon. 

Chart By TradingView

XRP

XRP (XRP) has been increasing alongside an ascending support line since Oct 27. On Nov 7, it broke out above the $1.21 horizontal resistance area and proceeded to reach a high of $1.349 on Nov 10. 

While the token decreased the same day, the drop served to validate both the ascending support line and $1.21 area  as support (green icon). As long as they are in place, the bullish structure remains intact.

Chart By TradingView

AXS

Axie Infinity (AXS) has been increasing since breaking out from a descending resistance line and validating it as support on Nov 1. The breakout and re-test also served to validate the $140 horizontal area as support. The same area previously acted as the all-time high resistance.

This led to a new all-time high price on Nov 6. 

The drop on Nov 10 only served to validate the $140 area as support once more. 

Therefore, as long as AXS is trading above this area, the bullish structure remains intact.

Chart By TradingView

HBAR

Hedera Hashgraph (HBAR) has been increasing inside an ascending parallel channel since Sept 20. So far, it has been thrice rejected by its resistance line. Resistances get weaker each time they are touched, so a breakout seems likely.

Currently, the token is also in the process of breaking out above the $0.42 horizontal resistance area. Doing so would also mean a breakout from the channel, and would allow HBAR to increase towards a new all-time high price.

Chart By TradingView

XVG

Verge (XVG) has been trading below the $0.035 horizontal resistance area for 173 days. However, the token has been moving upwards since Sept 28.  

It is currently very close to the aforementioned resistance area. 

Since XVG has been consolidating below it for a very long period of time, an eventual breakout would likely be the catalyst for a very significant upward movement.

Chart By TradingView

EOS

On Nov 8, EOS (EOS) broke out from a descending resistance line that had been in place since Sept 16. In addition to this, it broke out above the $4.95 horizontal area. This confirmed that the downward movement had come to an end.

The Nov 10 drop only served to validate this line as support (green icon). Furthermore, it validated the $4.95 area as support. 

As long as EOS is trading above this level, it is likely to move upwards.

Chart By TradingView

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

What do you think about this subject? Write to us and tell us!

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.

Source

Related Posts

Axie Infinity Ronin Bridge Hacker has already moved 38,293 ETH ($114.8 million)

Axie Infinity Ronin Bridge Hacker has already moved 38,293 ETH ($114.8 million)

Ethereum › Hacks Hackers who stole over $615 million in the Ronin Network exploit have already moved over $114 million worth of Ethereum. 2 min readUpdated: April 20, 2022 at 1:41 am Cover art/illustration via CryptoSlateAlmost a month ago, Ronin Network, the side-chain built to scale Axie Infinity was exploited by hackers who made off…

Bulls in Control: Radio Caca (RACA) Listing Rumors on Binance Send Token up 20%

Bulls in Control: Radio Caca (RACA) Listing Rumors on Binance Send Token up 20%

Rumors of a possible listing of Radio Caca (RACA) on Binance made the RACA token rise more than 20% this Sunday morning (USA), according to data from the CoinGecko portal. The cryptocurrency that had been trading around $0.0018 surged to $0.0021 in less than 1 hour, boosted by rumors. At the time of writing, the…

Axie Infinity sees ‘no signs of buyers’ as AXS price tumbles 30% in two weeks

Axie Infinity sees ‘no signs of buyers’ as AXS price tumbles 30% in two weeks

Axie Infinity (AXS) price has fallen by nearly 30% two weeks after losing $625 million to a hacking incident involving its play-to-earn gaming platform’s underlying blockchain, the Ronin Network.AXS/USD dropped to $46.69 on April 11, its lowest level since March 16, signaling a dampening buying sentiment among traders and investors following the hacking incident. Independent…

Play to Earn Game Edensol Integrates Secretum Messaging and Trading dApp

Play to Earn Game Edensol Integrates Secretum Messaging and Trading dApp

With the appearance of Metaverse, GameFi projects’ popularity is increasingly growing in the blockchain space whereas Web 2.0 traditional tools seem to be obsolete and not adapted to the Web 3.0 conceptual step up. This instrumental gap is filled by a unique partnership between Secretum and Edensol. Security, transparency, decentralization and immediacy as fundamental values…