AXS up over 20% as MATIC falls to 13-month low – Market Update Bitcoin News

While most coins traded in the red on Thursday, AXS was up more than 20% in today’s trade. While LUNA dipped below $0.01 earlier today, MATIC was another notable decliner, hitting its lowest point since April last year.

Axis Unlimited (AXS)

AXS was one of the biggest gainers in the crypto market on Thursday as prices rebounded after three straight days of losses.

After hitting a low of $16.42 on Thursday, AXS/USD surged to an intraday high $24.26 in today’s trade.

Thanks to today’s price rally, AXS is away from its all-time lows near $13, which occurred in July last year, around the time the coin started.

Biggest mover: AXS rises more than 20% as MATIC falls to 13-month low
AXS/USD – Daily Chart

The recent decline in strength pushed the 14-day RSI to a multi-month low of 19, however, Thursday’s surge has pushed it above 25.

Ultimately, the price remains oversold, which is one of the only positives for the bulls to seek support and ultimately force an upward shift in momentum.

If the bulls choose to buy on the current dip, they could face market uncertainty as they approach $30, and some traders may want to unwind their positions to secure marginal gains.

Polygon (MATIC)

Although LUNA is down nearly 100% in today’s trading, the market has begun to accept the coin’s demise.

However, one coin that is not over yet, but still a notable mover on Thursday is MATIC.

MATIC/USD fell to an intraday low $0.4769 in today’s session, the lowest since April 2021.

Biggest mover: AXS rises more than 20% as MATIC falls to 13-month low
MATIC/USD – daily chart

Today’s move has pushed prices stronger, with the 14-day RSI currently at a low of 23, which is also a long-term support level.

While history shows that this bottom line has never been breached, current market conditions could push prices even lower.

Bears have been targeting the $0.4000 level in recent days to no avail, and if the lower bound of 23 is breached, we could see another move towards this level.

Can MATIC find solid support this week, and if so, at what level? Let us know your thoughts in the comments.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.

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