Axie Infinity and Algorand Coins the Most Bullish Cryptos Once Again

The Axie Infinity token was the only bullish cryptocurrency during July, while the crypto market was in the middle of one of the biggest bearish periods. The popularity of the game surged back then. The Ethereum-based NFT (Non-Fungible Token) game’s revenue increased by over $196 million that month, while in August we saw an 85% increase, meaning that the game registered $364 million in protocol revenue.

That provided support for AXS tokens, as the number of players grew exponentially. This crypto coin surged from around $4 to $94.50 until the first week of September. The crash in the crypto market caught up with Axie Infinity coin as well, initially sending the price to the 50 SMA, which held as support for more than a week while the 20 SMA was acting as resistance on the daily chart. The second bearish leg took AXS down to around 50% of the value or Fibonacci retracement level.

The price was bouncing between these two moving averages who were tightening the range so much that the breakout took place and the price fell to July’s high. That resistance zone turned into support for AXS/USD and the price bounced strongly, increasing just above $70 a while ago.

So, Axie remains bullish and the price now is trading right at the 20 SMA and the 50 SMA, both of which provided support before. There is a decent chance that they might turn into resistance which would reverse the price back down, but the market is slowly crawling further up today so the chances of pushing higher from here are even stronger.

Algorand Analysis Daily Chart

Algorand coin has moved above the previous low, which didn’t turn into resistance

The surge in Algorand coin came after the first leg of the flash crash in the crypto market, but the second leg of the decline had a bigger effect, sending the price below the support zone around $1.90. The 20 SMA was also pierced as the price fell to 1.53. But, the price has reversed back up and has climbed above the previous support.

This means a 26% increase in two days from the low, so ALGO/USD is bullish again now and the stochastic indicator supports this idea since it is oversold and reversing up now. We missed the chance to buy this cryptocurrency yesterday, but there will be other trade opportunities.