Shiba Inu Coin Holding the Gains, Dogecoin Not Reacting, Axie Infinity AXS to Jump Again?
Shiba Inu looks bullish,Axie Infinity very bullish while Dogecoin looks neutral
Shiba Inu was among the weakest coins since the bearish period began in May in the crypto market. It was trading in a range near the bottom between $0.0000055 and $0.0000095 (6 zeros) until early October. In the first week of this month, we suddenly saw a surge in the price which took Shiba to $0.000035 (5 zeros).
The climb stopped there, but unlike in July when SHIB/USD gave back the gains pretty quickly, this time it held the gains after a small retreat. The 20 SMA hasn’t caught up yet on the daily chart, but the price started turning bullish again in the previous days, so perhaps we will see another surge higher.
Dogecoin Showing No Signs of Life
The 200 SMA has turned into resistance at the top
Dogecoin which is another mem coin, has behaved differently from Shiba Inu token. While DOGE/USD resumed the bullish trend in late July together with all the crypto market while Shiba was showing no signs of life, the situation has changed now
Shiba Inu has surged and is looking ready for another bullish move, Dogecoin is not reacting. The lows are slowly getting higher sure, but the highs are getting lower faster and the 200 SMA (purple) which used to act as support has turned into resistance at the top. No buyers nor sellers are taking the initiative, so everything is on hold here.
Axie Infinity Analysis – the 20 SMA Has Caught Up
Will we see another jump from here?
Axie Infinity coin which is a play-to-earn token has been surging since early July and it is probably the most bullish cryptocurrency in the last 3-4 months. It surged in July when the entire market was in the middle of the most bearish period due to the crackdown on cryptocurrencies and continued to make bullish legs higher every month.
It increased from around $3 at the beginning of July to $155 earlier this month. Until early September, the 20 SMA was pushing AXS/USD higher, with the price jumping up every time the 20 SMA touched it. Now, after the price has consolidated for about two weeks after the last high, the 20 SMA has caught up and it is already providing support on this chart. So, chances are that we might see another bounce off this moving average soon here as well.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals