Axie Infinity (AXS) bulls have fiercely prevented a reversal below the critical $4.50 price support level amid last week’s altcoin market downturn. Whale investors have been spotted buying the dip. Can they trigger a price rebound?
Axie Infinity (AXS) price has consolidated above the $4.50 range over the past week. On-chain data reveals that the increased liquidity from whale transactions has provided the bulls a much-needed lifeline. But can they push for more gains?
AXS Whale Investors Have Provided a Lifeline
According to on-chain data compiled by Santiment, large institutional investors have helped prop up AXS price over the past week. The chart below shows that after the altcoin markets tumbled on August 17, the whales gradually intensified their trading activity over the last few days.
As shown below, AXS recorded only 1 whale transaction on August 17. But that number grew to 5 on August 21.
Whale Transaction Count tracks whale investors’ trading activity by aggregating the daily transactions exceeding $100,000. Typically, large transactions infuse much-needed liquidity into the market. This helps traders get their orders executed efficiently and at favorable prices.
If the Axie Infinity whales remain active, AXS could continue consolidating above the $4.50 range.
Author: Ibrahim Ajibade
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
Related Posts ...
Comments are disabled.