Apple’s Approval Sparks AXS Rally, Bulls Dominate Market
Apple’s Approval Sparks AXS Rally, Bulls Dominate Market
AXS/USD
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- Apple’s approval boosts AXS price to new highs.
- Rising market volatility presents opportunities for traders.
- The overbought market signals potential correction ahead.
The Axie Infinity (AXS) market had bearish momentum early on, causing the price to drop to a 24-hour low of $6.75. However, the market mood has shifted thanks to Apple’s (NASDAQ:AAPL) affirmation that it would enable the Axie Infinity crypto game (Origins) to be sold via the App Store. Consequently, the bulls drove the AXS price to a new 7-day high of $8.06 before coming up against resistance.
1/ Origins has passed review with Apple and is now available on the App store!We believe this is the first time that Apple has agreed to make an externally-purchased NFT usable on the App Store.Let’s dive in pic.twitter.com/LYPLnHEVF6
— Axie Infinity | #AxieOrigins, #AxieHomeland (@AxieInfinity) May 17, 2023
Having Apple’s approval to use an externally acquired NFT on the App Store is a massive milestone for the AXS token. At press time, bullish domination had swept the AXS market, leading to a 12.26% increase to $7.61.
Reflecting increasing investor confidence, AXS’s market capitalization and 24-hour trading volume grew by 12.17% and 711.46%, respectively, to $889,379,008 and $165,775,698.
AXS/USD 24-hr Price Chart (Source: CoinMarketCap)
In the 4-hour time frame for AXS, the Keltner Channel bands are expanding, with the top band touching $7.4026909 and the middle and lower bands touching $6.8965406 and $6.3936818, respectively, indicating rising market volatility.
An immense green candlestick has pushed the price of AXS over the upper band, indicating a strengthening of bullish sentiment. This development raises traders’ prospects of a long-term bull rise, assuming the bulls’ strength does not wane.
The Relative Strength Index rating of 74.96, on the other hand, shows that the market is overbought and ripe for a correction. This approach urges traders to take caution and consider setting stop-loss orders or diversifying their portfolios to limit risk.
AXS/USD 4-hr Chart (Source: TradingView)
From the chart below, the average true range (ATR) rating of 0.2145368 indicates that AXS is somewhat bearish. If the ATR line continues to rise, it may suggest more volatility and probable price moves.
However, if the ATR falls and enters negative territory, AXS’s bullish momentum may decrease.
The Know Sure Thing (KST) has lately moved out of the negative zone, with a rating of 15.7714, indicating that the AXS is gaining strength. This may be a good indication for eager investors to enter the market and capitalize on the developing bullish trend.
AXS/USD 4-hr Chart (Source: TradingView)
In conclusion, the approval from Apple and bullish market sentiment have propelled AXS to new highs, but caution is advised due to overbought conditions and potential volatility ahead.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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