After posting an over 20% rally in the last 24 hours, AXS joined the list of top gainers on May 31.
The price surge was powerful enough to push AXS out of its narrow range, where it had been for nearly three weeks.
On May 30, AXS was as low as £14.4 before a huge rally that took it to £22.3 before retracing to £19.7 at the time of writing. This signifies that it has gained more than 40% in the last 24 hours.
Given that AXS has been significantly undervalued for nearly three weeks, this big price increase is a pleasant relief. Previously, the price remained between £15 and £18.2.
Prior to the rally, AXS’s RSI was hovering just above the oversold zone, and its MFI has been showing small outflows since May 25. However, it appears that a flood of inflows hit the cryptocurrency on March 29, resulting in the spectacular gain. For the first time since the first week of last month, the RSI has gone over the neutral level. As the +DI crossed over the -DI, it appears that the DMI has also confirmed the comeback of AXS bulls.
Given the claims that crypto winter has arrived and may remain a few months, many may wonder if there is more upside ahead. While AXS remained trapped in the limited range, it appears that whales kept accumulating. Whale supply has decreased somewhat in the last 24 hours, indicating profit taking following the rebound.
Axie Infinity is still showing a lot of NFT activity. On the 30th of May, a total of 23 addresses purchased NFTs for over £79,100. In the previous 24 hours, the whale transaction count has seen a lot of movement. This could be profit-taking, and it could as well be continuation of accumulation. The distribution of AXS supply based on balances on addresses reveals that different types of AXS whales have varying levels of activity.
From May 29 to May 31, the percentage of addresses holding 10,000 to 100,000 AXS coins fell from 7.15% to 7.05%. During the same period, the percentage of addresses with 100,000 to one million coins climbed from 9.69% to 9.73%.
It is an encouraging sign that the larger whales are in action. One intriguing finding is that such disparities in the market reveal short squeeze possibilities.