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Gaming NFT Tokens Continue to Rise – AXS, SLP and SAND Analysis

3 min read

Axie Inifinity (AXS) reached a new all-time high price of $53.50 on July 27, potentially completing a bullish impulse.

Smooth Love Potion (SLP) has made a double top pattern and is searching for support.

The Sandbox (SAND) has broken out from a descending resistance line and reached the $0.78 resistance area.

AXS

AXS has been moving upwards at an accelerated rate since July 20. The increase continued until July 27, when a new all-time high of $53.5 was reached. 

The movement looks like a completed five wave bullish impulse (orange).

The high was made at a confluence of Fib resistance levels that signify a potential top is near. The Fib levels are the 2.61 external Fib retracement of wave four (black) and the 1.61 Fib projection of waves 1-3 (orange). 

In addition to this, technical indicators are showing weakness. The MACD has given a bearish reversal signal. The RSI and Stochastic oscillator have generated bearish divergence, the latter having made a bearish cross.

AXS Wave count
Chart By TradingView

The shorter-term two-hour chart shows that the decrease from the all-time high took the shape of a descending wedge, from which AXS has now broken out. The movement could have been a leading diagonal as part of sub-wave A (white). 

If correct, the token will increase towards the 0.5-0.618 Fib retracement resistance levels before dropping once more. 

The main support area is at $29.30, the 0.618 Fib retracement support level and a horizontal support area.

AXS wedge
Chart By TradingView

Highlights

  • AXS reached a new all-time high on July 27.
  • There is support and resistance at $29.30 and $45.50, respectively.

SLP

On July 13, SLP reached a high of $0.41. The high was made above the $0.34 horizontal resistance area. 

However, the token failed to close above this area and decreased below it instead. On July 22, it created a lower high, validated the area as resistance and has been moving downwards since. 

Furthermore, the high created a double top pattern relative to the price in the beginning of May. 

Currently, SLP is trading just above the 0.618 Fib retracement support level at $0.195. A breakdown below this area could trigger a sharp drop towards $0.145. 

Technical indicators in the daily time-frame are bearish. The RSI has fallen below 50, the Stochastic oscillator has made a bearish cross and the MACD is nearly negative.

SLP trading range
Chart By TradingView

Highlights

  • SLP has made a double top pattern.
  • There is resistance and support at $0.34 and $0.195.

SAND

SAND has been increasing since June 22, when it was trading at a low of $0.146. Shortly afterwards, it managed to break out from a descending resistance line and increased at an accelerated rate.

The upward movement continued until July 24, when a high of $0.845 was reached. The high was made just above the $0.78 horizontal resistance area. 

However, the higher prices could not be sustained and SAND created a long upper wick (red icon), before falling below the resistance area. 

The downward movement was preceded by bearish divergences in the MACD, RSI & Stochastic oscillator.

The closest support area is at $0.495, the 0.5 Fib retracement support level and a horizontal support area.

SAND breakout
Chart By TradingView

Highlights

  • SAND has broken out from a descending resistance line. 
  • It is facing resistance at $0.78.

For BeInCrypto’s latest BTC (BTC) analysis, click here. 

The post Gaming NFT Tokens Continue to Rise – AXS, SLP and SAND Analysis appeared first on BeInCrypto.



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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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