Cryptocurrencies continued the retreat in January this year, after turning bearish in the last two months of 2021. But, the decline stalled and in the last two weeks, they have been crawling higher. The climb has been slow, but cryptos have been progressing nonetheless, with Bitcoin challenging $40,000 now while Ethereum is below $3,000. Fantom and Axie Infinity coins have not been making gains in the last two weeks, but they have stalled above support, which is holding.

Fantom Daily Chart Analysis – Sellers Can’t Push FTM Below the $2 Support

Fantom has been one of the top performers since August last year, even though it started only about two years ago. Fantom is a platform for the development of DApps similar to Solana, but it is also a solid player in the DeFi space with farm yields of up to 50%, attracting large investors, such as Grayscale investing firm.

The TVL stands above $7 billion and keeps increasing, while the number of daily transactions also keeps surging to 1.2 million, surpassing those on Ethereum. As a result, the price has been really bullish for Fantom, until last month. We saw a retreat to the support below $2 after FTM/USD buyers failed to push the price to new highs. But, the support has been holding for two weeks and sellers seem unable to push the price below it.

The major crypto exchange Nexo also added Fantom last week, which will expose FTM to more than 3 million users. So, chances are that Fatnom will turn bullish from here and it might reach new highs if the sentiment improves in the crypto market. We are following the price action to see if we can open a buy trade here, which you can follow on our forex signals page.

Fantom Daily Chart Analysis – Sellers Can’t Push FTM Below the $2 Support

Axie holding above the support at $45

Axie Infinity has become the most popular play-to-earn P2E game and with the expansion of GameFi, it will keep expanding too. It recently sold a piece of virtual land Called the “Genesis” plot for $2.5 million. Axie has released the governance token for Ronin, which is RON, helping increase the number of accounts by 20%.

Although, we are not seeing any buying pressure here since November, when the sentiment in the crypto market turned bearish. Sellers have pushed AXS/USD below the support zones and moving averages, but the last support zone which stretches from $45 to $50 has been holding for the last two weeks. So, I am thinking about buying AXS tokens now, since it has a lot of potentials.