This week, Axie Infinity (AXS)’s attempt to break the $6.5 resistance failed. After that, the altcoin consolidated in the $5.5 – $5.8 range. Will whales maintain their bullish stance to trigger an early recovery?
Whales still buying despite altcoin price drop
cryptocoin.comOver the past few weeks, Axie Infinity (AXS) has harnessed renewed interest in the metaverse, triggered by the launch of Apple’s Vision Pro Augmented Reality (AR) headset. However, the bullish momentum seems to be cooling off now. Do the whales have enough money in their warehouse to trigger another rally? Crypto expert Ibrahim Ajibade is looking for an answer to this question through metrics.
Despite the recent price correction, Axie Infinity whales’ heads are still in the game, according to Santiment. The chart below shows that AXS whale transactions have increased significantly this week. Whales increased their trading activity from 1 to 23 trades between June 20 and June 29.
Whale Trading evaluates the trading activity of institutional investors by collecting daily transactions exceeding $100,000. When whales increase their bets on a token, this demonstrates their confidence in the price expectations of the underlying token. Most institutional investors generally prefer to hold for longer periods of time. Therefore, it is possible for AXS to experience an early recovery.
Long-term investors hold tight
Another important indicator of a potential early recovery is confidence among long-term holders of AXS. Between June 24 and June 29, the price of AXS decreased by 10%. Meanwhile, the Average Age of Cryptocurrency increased by 6% during this period.
Average Coin Age measures the level of trust among long-term investors by calculating the average number of days that coins in circulation spend in their current wallet addresses. As you can see above, when the price rises during a correction, it indicates that long-term traders are holding firm. If it maintains its bullish stance, AXS will likely climb above $6 in the coming days.
Altcoin price prediction: Another $6.50 attempt
The key indicators described above suggest that Axie Infinity bulls will likely make another attempt to retrace the $6.50 target soon. But first, they need to break the massive selling wall of around $5.90. Here, 452 investors who bought 1.08 million AXS tokens at an average of $5.90 are likely to stop the rally. But if the bull whales have enough in their warehouses, it’s possible for AXS to head back towards $6.5.
Still, bears are likely to take control if AXS drops below $5. Still, 196 investors who bought 607,000 AXS tokens at a minimum of $5.35 are likely to provide support. However, if this support level collapses, AXS holders should expect more declines towards $4.70.
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